Question: Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible ounts. 1. Accounts not yet due =$271,000; estimated
Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible ounts. 1. Accounts not yet due =$271,000; estimated uncollectible =15%. 2. Accounts 130 days past due =$33,900, estimated uncollectible =18% 3. Accounts 3190 days past due =$27,100; estimated uncollectible =21% 4. Accounts more than 90 days past due =$20,300; estimated uncollectible =25%. 12/31/2024, before recording any adjustments, Zuo has a credit balance of $20,300 in its allowance for uncollectible accounts. quired: 1. Estimate the appropriate 12/31/2024 balance for Zuo's allowance for uncollectible accounts. 2. What journal entry should Zuo record to adjust its allowance for uncollectible accounts? 3. Calculate Zuo's 12/31/2024 net accounts recelvable balance. Complete this question by entering your answers in the tabs below. What journal entry should zuo record to adjust its allowance for uncollectible accounts? Noto: if no entry is required for a transaction/event, select "No journal entry required" in the firnt account field. Journal entry worksheet Fecosd the adjustment to allowance for uncollectible accounts. Notel tener debis before ardita
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
