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 = $256,000; estimated uncollectible = 15%. 2. Accounts 1-30 days past due = $32,000; estimated uncollectible = 19%. 3. Accounts 31-90 days past due = $25,600; estimated uncollectible = 23% 4. Accounts more than 90 days past due = $19,200; estimated uncollectible = 27%. At 12/31/2024, before recording any adjustments, Zuo has a credit balance of $24,900 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. Prev 4 of 20 next > Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts. 1. Accounts not yet due = $256,000; estimated uncollectible = 15%. 2. Accounts 1-30 days past due = $32,000; estimated uncollectible = 19%. 3. Accounts 31-90 days past due = $25,600; estimated uncollectible = 23% 4. Accounts more than 90 days past due = $19,200; estimated uncollectible = 27%. At 12/31/2024, before recording any adjustments, Zuo has a credit balance of $24,900 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. Prev 4 of 20 next >
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