4 Exercise 7-14 (Static) Calculate uncollectible accounts using the aging method; record adjustments [LO7-5, 7-6] 1/1.2 points awarded Scored Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts 1. Accounts not yet due = $400.000, estimated uncollectible = 8%. 2. Accounts 1-30 days past due = $50,000; estimated uncollectible -15%. 3. Accounts 31-90 days past due = $40,000; estimated uncollectible -30% 4. Accounts more than 90 days past due = $30,000; estimated uncollectible -50% At 12/312021, before recording any adjustments, Zuo has a credit balance of $22,000 in its allowance for uncollectible accounts. Required: 1. Estimate the appropriate 12/31/2021 balance for Zuo's allowance for uncollectible accounts. 2. What journal entry should Zuo record to adjust its allowance for uncollectible accounts? 3. Calculate Zuo's 12/312021 net accounts receivable balance. eBook Print References Required: Required 2 Required 3 What journal entry should Zuo record to adjust its allowance for uncollectible accounts? (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) No Event General Journal Debit Credit Allowance for uncollectible accounts 3 44,500 Allowance for uncolectible accounts 44,500 1 1 Required 1 Required 3 > Required 1 Required 2 Required 3 What journal entry should Zuo record to adjust its allowance for uncollectible accounts? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Event General Journal Debit Credit Allowance for uncollectible accounts 44,500 Allowance for uncollectible accounts 44,500 1