Question
5,7-6] Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts. 1. Accounts not yet
5,7-6] Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts. 1. Accounts not yet due $385,000; estimated uncollectible=15%. 2. Accounts 1-30 days past due $48,200; estimated uncollectible - 18%. 3. Accounts 31-90 days past due $38,500; estimated uncollectible - 22% 4. Accounts more than 90 days past due $28,800; estimated uncollectible - 25%. At 12/31/2021, before recording any adjustments. Zuo has a credit balance of $25,300 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 12/31/2021 net accounts receivable balance. Required 1 Require Required 3 Required 2 Estimate the appropriate 12/31/2021 balance for Zuo's allowance for uncollectible accounts. Balance in allowance for uncollectible accounts Required 1 Required 2 > Check
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