1. 2.

Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 5% uncollectible rate. Accounts more than 60 days are considered old and have a 40% uncollectible rate. Required: 1. If YOC has $112,000 of young accounts and $380,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? 2. If YOC's Allowance for Doubtful Accounts currently has an unadjusted credit balance of $38,000, how much should be credited to the account? 3. If YOC's Allowance for Doubtful Accounts has an unadjusted debit balance of $4,800, how much should be credited to the account? 1. Amount to be Reported 2. Amount to be Credited 3. Amount to be Credited The following transactions took place for Parker's Grocery. a. Jan. 1 Loaned $58,000 to a cashier of the company and received back a one-year, 9 percent note. b. June 30 Accrued interest on the note. c. Dec. 31 Received interest on the note. (No interest has been recorded since June 30.) d. Dec. 31 Received principal on the note. Required: Prepare the journal entries that Parker's Grocery would record for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 Record the receipt of a note on January 1 for a $58,000 loan to an employee. Note: Enter debits before credits. General Journal Debit Credit Date Jan 01 Record entry Clear entry View general journal Journal entry worksheet