(a) Prepare an aging analysis, and show how accounts receivable and the related allowance for uncollectibles should appear on the balance sheet at December 31 (5 points) (b) Prepare the necessary journal entry to update the allowance for uncollectibles, assuming the balance prior to preparing the aging was a $15,000 credit (2 5 points) (c) Prepare the necessary journal entry to update the allowance for uncollectibles, assuming the balance prior to preparing the aging was a $5,000 debit (2 5 points) (d) Assume one of Wiggins customers has filed for banruptcy protection Prepare the journal entry to write off the account, $21,000 (2 5 points) (e) Explain why the actual write off will not result in a reduction of Wang Corporation's income (2 5 points) (f) Wiggins accepts credit card payments from customers Charges on USExpress cards were $3,000 This card is not a bank (debit) card, and settlement does not occur until approximately two weeks following the date of the transaction USExpress charges a 4 fee, and this amount is recorded on the day of sale Prepare the journal entry for the credit card sales (3 5 points) (g) Prepare the journal entry for the eventual collection of the USExpress charges (2 5 points) Use the information below to answer the questions that follow Wiggins Corporation utilizes an accounting software package that is capable of producing a detailed aging of outstanding accounts receivable Following is the aging schedule as of December 31, 2022 AGE AMOUNT OUTSTANDING 0 to 30 days 31 to 60 days 61 to 120 days Over 120 days 1,200,000 700,000 200,000 25,000 Casper Wiggins has owned and operated Wiggins Corporation for many years and has a very good sense of the probability of collection of outstanding receivables, based on an aging analysis The following table reveals the likelihood of collection AGE PROBABILITY OF COLLECTION 98 90 0 to 30 days 31 to 60 days 61 to 120 days Over 120 days 75 50 a) AGE BALANCE ESTIMATED UNCOLLECTIBLE ESTIMATED AMOUNT UNCOLLECTIBLE $ 3 0 to 30 days 31 to 60 days 61 to 120 days Over 120 days 1,200,000 700,000 200,000 25,000 10 58 75 $ $ $ $ 36,000 70,000 116,000 18,750 240,750 Accounts Receivable Less Allowance for Uncollectible Accounts (240,750 $ (240,750)

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(a) Prepare an aging analysis, and show how accounts receivable and the related allowance for uncollectibles should appear on the balance sheet at December 31.

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(a)	Prepare an aging analysis, and show how accounts receivable and the related allowance for uncollectibles should appear on the balance sheet at December 31. (5 points)
(b)	Prepare the necessary journal entry to update the allowance for uncollectibles, assuming the balance prior to preparing the aging was a $15,000 credit. (2.5 points)
(c)	Prepare the necessary journal entry to update the allowance for uncollectibles, assuming the balance prior to preparing the aging was a $5,000 debit. (2.5 points)
(d)	Assume one of Wiggins customers has filed for banruptcy protection. Prepare the journal entry to write off the account, $21,000. (2.5 points)

(e)	Explain why the actual write-off will not result in a reduction of Wang Corporation's income. (2.5 points)

(f)	Wiggins accepts credit card payments from customers. Charges on USExpress cards were $3,000. This card is not a bank (debit) card, and settlement does not occur until approximately two weeks following the date of the transaction. USExpress charges a 4% fee, and this amount is recorded on the day of sale. Prepare the journal entry for the credit card sales. (3.5 points)
(g)	Prepare the journal entry for the eventual collection of the USExpress charges. (2.5 points)

Use the information below to answer the questions that follow. Wiggins Corporation utilizes an accounting software package that is capable of producing a detailed aging of outstanding accounts receivable. Following is the aging schedule as of December 31, 2022. AGE AMOUNT OUTSTANDING 0 to 30 days 31 to 60 days 61 to 120 days Over 120 days 1,200,000 700,000 200,000 25,000 Casper Wiggins has owned and operated Wiggins Corporation for many years and has a very good sense of the probability of collection of outstanding receivables, based on an aging analysis. The following table reveals the likelihood of collection: AGE PROBABILITY OF COLLECTION 98% 90% 0 to 30 days 31 to 60 days 61 to 120 days Over 120 days 75% 50% a) AGE BALANCE ESTIMATED % UNCOLLECTIBLE ESTIMATED AMOUNT UNCOLLECTIBLE $ 3% 0 to 30 days 31 to 60 days 61 to 120 days Over 120 days 1,200,000 700,000 200,000 25,000 10% 58% 75% $ $ $ $ 36,000 70,000 116,000 18,750 240,750 Accounts Receivable Less: Allowance for Uncollectible Accounts (240,750 $ (240,750)