2 3 Net Zero Products, a wholesaler of sustainable raw materials, prepares the following aging of receivables analysis. 4 Total 5 Accounts receivable $115,200 0 $80,000 6 Percent uncollectible 1% 1 to 30 Days Past Due 31 to 60 $18,000 3% $7,200 61 to 90 $4,000 Over 90 $6,000 5% 8% 11% 7 8 Required: 9 10 1. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. 11 (Use cells A4 to G6 from the given information to complete this question.) 12 13 14 Not due: 15 1 to 30: 16 31 to 60: 17 61 to 90: Accounts receivable X x Percent uncollectible (%) = Estimated Uncollectible 21 23 24 25 26 27 28 29 222222222222 18 Over 90: 19 Estimated balance of allowance for uncollectibles 20 22 2. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $1,000 credit. No Date General Journal 1 December 31 Debit Credit $1,000