Accounts Receivable

Net Zero Products, a wholesaler of sustainable raw materials. Prepared the following aging of receivables analysis. Days Past Due Total 1 to 30 31 to 60 61 to 90 Accounts receivable Over 90 $178,000 598,000 $36,000 $16,000 $13,000 $15,000 Percent uncollectible 38 5% 8 115 IN 1. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. 2. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,800 credit Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. Accounts receivable Percent uncollectible (%) Not due: 1 to 30; 31 to 60 61 to 90: Over 90 Estimated balance of allowance for uncollectibles X X X X X Red Reg 2 > Journal entry worksheet Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $2,800 credit balance. Note: Enter debits before credits. Date General Journal Debit Credit Dec. 31 Record entry Clear entry View general Journal