Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance...

 

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Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts. 1. Accounts not yet due = $425,000; estimated uncollectible = 15%. 2. Accounts 1-30 days past due = $53,100; estimated uncollectible 19%. 3. Accounts 31-90 days past due = $42,500; estimated uncollectible - 22% 4. Accounts more than 90 days past due = $31,900; estimated uncollectible = 26%. At 12/31/2024, before recording any adjustments, Zuo has a credit balance of $29,400 in its allowance for uncollectible accounts. Required: 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 receivable balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Estimate the appropriate 12/31/2024 balance for Zuo's allowance for uncollectible accounts. Balance in allowance for uncollectible accounts Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts. 1. Accounts not yet due = $425,000; estimated uncollectible = 15%. 2. Accounts 1-30 days past due = $53,100; estimated uncollectible 19%. 3. Accounts 31-90 days past due = $42,500; estimated uncollectible - 22% 4. Accounts more than 90 days past due = $31,900; estimated uncollectible = 26%. At 12/31/2024, before recording any adjustments, Zuo has a credit balance of $29,400 in its allowance for uncollectible accounts. Required: 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 receivable balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Estimate the appropriate 12/31/2024 balance for Zuo's allowance for uncollectible accounts. Balance in allowance for uncollectible accounts