Aging Analysis of Accounts Receivable

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bad debts. The company has decided to prepare an aging schedule for ias Cowen's, a large department store located in a metropolitan area, has been experiencing difficulty in estimating its outstanding accounts receivable and estimate bad debts by the due dates of ts receivables. This analysis dacloses the following information Balance Age of Recelvable Estimated Percentage Uncollectible 08% 2.0% 50% 200% 350% 600% $193,000 Under 30 days 114,000 30-60 days 73,000 61-120 days 41,000 121-240 days 25,000 241-360 days 9,000 Over 300 days $465,000 Required: 1. Use the preceding analysis to compute the estimated amount of uncolectible receivables 2. Prepare the joumal entry to record Cowen's estimated uncollectbles, assuming the balance in Allowance for Doubiul Accounts prior to adjustment is: A. 0 .saooo(debt)