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39 %D 18:32 2 2.a) Assume that on January 1, 2021, a six-month, 12% note receivable is acquired from a customer in settlement of an
39 %D 18:32 2 2.a) Assume that on January 1, 2021, a six-month, 12% note receivable is acquired from a customer in settlement of an existing account receivable of $50000. (20 points) Date Debit Credit Db Cr b) On July 1, 2021 (6 months after the date of the note), the note matures. Customer pays in cash Calculations: Date Debit Credit Db Cr 3. Facebook uses the balance sheet approacy to estimate uncollectible accounts expense. At year- end an aging of the accounts receivable produced the following five grouping: (25 points) Groups Accounts receivable by Estimated Uncollectible accounts a. age Not yet due 1-30 days 31-60 days b Age group total $400,000 90,000 40,000 20,000 50,000 $600000 c. d. 61-90 days e. Over 90 days past due Total On the basis of past experience, the company estimated the percentage probability uncollectible the above five age groups to be as follows: a, 1%; Group b, 2%; Group C, 9%; Group d, 15% Group e, 40% a) Compute the estimated amount of uncollectible accounts based on the above classification byage group. Show your calculation in the table provided above. Please also show the total estimated uncollectible accounts. O
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