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both pictures go to the question. Thanks. Net Zero Products, a wholesaler of sustainable raw materials, prepares the following aging of receivables analysis. Days Past
both pictures go to the question. Thanks.
Net Zero Products, a wholesaler of sustainable raw materials, prepares the following aging of receivables analysis. Days Past Due Accounts receivable Percent uncollectible Total $185,000 0 $100,000 1% 1 to 30 $ 38,000 28 31 to 60 $17,000 4% 61 to 90 $14,000 68 Over 90 $ 16,000 10% 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 $3,000 credit. Complete this question by entering your answers in the tabs below. Required 1 Required 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 Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $3,000 credit. View transaction list Journal entry worksheet Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $3,000 credit balance. Note: Enter debits before credits. Date General Journal Debit Credit Dec. 31 Record entry Clear entry View general journalStep by Step Solution
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