Question 4 (9 marks) Rainbows Inc. has provided you with the following with respect to its accounts receivable on December 31, 2023 (Rainbows yearend). Days outstanding 1-30 days 31-60 days 61-90 days 91 + days Total Accounts receivable balance 120,000 82,000 38,000 20,000 260,000 Estimated percentage uncollectible 2% 8% 15% 25% The unadjusted balance in the Allowance for Doubtful Accounts on December 31, 2023 is $2,150 debit. Required: 1. Calculate the dollar amount of estimated uncollectible accounts receivable from the above information. 2. Prepare the required journal entry to set up the allowance for doubtful accounts on December 31, 2023. F 3. In January 2024, it was determined that a customer owing $4,700 had declared bankruptcy. Collection on this account is very unlikely and management has decided to write off this account. Record the appropriat- journal entry(ies) for this. 4. On April 20, 2024, Management was able to collect $3,150 on account previously written off. Record the appropriate journal entry(ies) for thi

Question 4 ( 9 marks) recelvable on Derw. The unadjusted balance in the Allowance for Doubtful Accounts on December 31 , 2023 is $2,150 debit. Required: 1. Calculate the dollar amount of estimated uncollectible accounts receivable from the above information. 2. Prepare the required journal entry to set up the allowance for doubtful accounts on December 31, 2023. 3. In January 2024 , it was determined that customer owing $4,700 had declared bankruptcy. Collection on this account is very unlikely and management has decided to write off this account. Record the appropria journal entry(ies) for this. 4. On April 20, 2024, Management was able to collect $3,150 on account previously written off. Record the appropriate journal entry (ies) for th