Aging Analysis of Accounts Receivable Cowen's, a large department store located in a metropolitan area, has been experiencing difficulty in estimating its bad debts. The company has decided to prepare an aging schedule for its outstanding accounts receivable and estimate bad debts by the due dates of its receivables. This analysis dis closes the following information: Age of Receivable Under 30 days 30-60 days 61-120 days 121-240 days 241-360 days Over 360 days Balance Estimated Percentage Uncollectible $193,000 114,000 73,000 41,000 25,000 19,000 $465,000 0.8% 2.0% 5.0% 20.0% 35.0% 60.0% Required: 1. Use the preceding analysis to compute the estimated amount of uncollectible receivables. 2. What is the net realizable value of Cowen's accounts receivable? 3. Prepare the journal entry to record Cowen's estimatedd uncollectibles, assuming the balance in Allowance for Doubtful Accounts prior to adjustment is a. 0 b. $3,000 (debit c. $2,800 (credit) An asterIsk(will appear before an incorrect amount entered in the answer cells. Estimated Estimated Percentage Amount Balance Uncollectible Age Under 30 days Uncollectible 30-60 days 61-120 days 121-240 days 241-360 days Over 360 days Total Enter the amount in the green-shaded cell Net realizable value of acc To enter the journal entries, enter the appropriate account titles in the green-shaded cells in column C and the appropriate amounts in the green-shaded cells in columns I and K. An asterisk () will appear before an incorrect amount entered in the answer cells. Account titles will not be graded. b) c)