1 2 Question 5 Accounts Receivable Analysis (3 Marks) Melrose Company recorded $3,500,000 in credit sales in 2020 and prepared the following aging schedule of their $686,500 in Accounts Receivable as at December 31, 2020: 3 4 5 6 7 8 9 10 Not for Marks Balance Days outstanding Estimated percentage uncollectible Calculations 0-30 days $320,000 1% 31-60 days 225,000 2% 61-90 days 54,500 5% Over 90 days 87,000 25% Total $686,500 The balance in their Allowance for Doubtful Accounts before year-end adjustments is a $2,000 debit. Account Titles Debit Credit 11 12 General Journal 13 Date 14 Dec 31 15 16 17 18 19 20 21 22