5 The schedule of accounts receivable by age, shown below, was prepared for the Lucero Company at the end of the firm's fiscal year on December 31, 2019: Skipped LUCERO COMPANY Schedule of Accounts Receivable by Age December 31, 2019 Past Due-Day Account Balance Current 1-30 31-60 Over 60 Adson, Paul $ 730.00 $ 730.00 Allen, Alfred 760.00 $ 580.00 $ 180.00 Ash, John 396.00 $ 396.00 Bae, John 280.00 280.00 Barker, Kelsie 120.00 82.00 38.00 Bentley, Maggie 428.00 160.00 190.00 78.00 Blair, Herman 92.00 62.00 30.00 (All other acets.) 53,194.00 40,748 8,192.00 2,680.00 1,574.00 Totale $56,000.00 $ 42,000.00 $9,000.00 $3,000.00 $2,000.00 1. Compute the estimated uncollectible accounts at the end of the year using the following rates: Current 1-30 days past due 31-60 days past due Over 60 days past due 98 256 2. As of December 31, 2019, there is a credit balance of $188 in Allowance for Doubtful Accounts. Compute the amount of the adjustment for uncollectible accounts expense that must be made as part of the adjusting entries. 3. Prepare a journal entry to record the adjustment for the estimated losses. Use Uncollectible Accounts Expense and Allowance for Doubtful Accounts. 4. On May 10, 2020, the $396 account receivable of John Ash was recognized as uncollectible. Prepare a journal entry to record this transaction. 5. On June 12, 2020, a check for $180 was received from Zeke Martin to apply to his account, which had been written off on November 8, 2019, as uncollectible. Record the reversal of the previous write-off in the general journal. The cash obtained has already been entered in the cash receipts Journal 6. Suppose that instead of aging the accounts receivable, the company estimated the uncollectible accounts to be 2.5 percent of the total accounts receivable on December 31, 2019. Glve the general journal entry to record the adjustment for estimated losses from uncollectible accounts. Assume that Allowance for Doubtful Accounts has a credit balance of $188 before the adjusting entry. Req 1 Reg 2 Req3 Req 4 Compute the estimated uncollectible accounts at the end of Over 60 days past due 31-60 days past due 1-30 days past due Current Total estimated uncollectible accounts $ $ 0 RE Analyze: What impact would the change in estimation method described in instruction 6 have Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req3 Req 4 Reg 5 Reg 6 As of December 31, 2019, there is a credit balance of $188 in Allowance for Doubtful A adjustment for uncollectible accounts expense that must be made as part the adjust Estimated uncollectible accounts Amount of adjustment for estimated uncollectible accounts Prepare a journal entry to record the adjustment for the estimated losses. Use Uncollectible Accounts Expens Doubtful Accounts. View transaction list Journal entry worksheet 1 Record the adjustment for the estimated losses. Note: Enter debits before credits General Journal Debit Credit Date Dec 31, 2019 Record entry Clear entry View general Journal Skipped On May 10, 2020, the $396 account receivable of John Ash was recognized as uncollectible. Prepare a journal entry to transaction. View transaction list Journal entry worksheet