1. What should be your adjusting entry for bad debts under the allowance for uncollectible method?

2. What should be the adjusting entry when 25% of the bad debt will not be collected?

3. What should be the adjusting entry when 50% of the account written off was collected?

4. If the company decided to change the method in recognizing the bad debt to direct method, how should the entry in (1) be adjusted?

Please provide answer in this format.

Account Debit Credit

dr

cr

Consider the following analysis of ABC Corporation's accounts receivable, November 31, 2007: Name of Customer Total Remarks 80% 61-90 days overdue Bayo Inc. Php 8,000,000 15% 11-45 days overdue 5% 1-10 days overdue 35% more than 90 days overdue For Me Php 15,000,000 15% 61-90 days overdue 50% were collected | 65% 61-90 days overdue 20% 1-10 days overdue Kashieca Php 12,000,000 15% were collected 65% more than 90 days wgg 10% 61-90 days overdue Her Bench Php 60,000,000 10% 46-60 days overdue 10% 11-45 days overdue 5% were collected 45% more than 90 days overdue Plain and Prints Php 10,000,000 20% 61-90 days overdue 35% 1-10 days overdue 50% 46-90 days overdue Other Accounts Php 20,000,000 30% 11-45 days overdue 20% 1-10 days overdue Total Php 125,000,000 Prepare an aging schedule for the company's accounts receivable, classifying ages into five categories: 1-10 days, 11-45 days. 46-60 days, 61-90 days and more than 90 days overdue. Assume that the prospective bad debt percentages for each category are 5%. 15%, 20%, 50% and 75% respectively