Chart of Accounts Instructions 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 discloses the following information Balance Age of Receivable Estimated Percentage Uncollectible $194.000 Under 30 days 0.8% 119.000 30-60 days 20% 73.000 61-120 days 5.0% 41,000 121.240 days 20 0% 25,000 241-360 days 35.09 19.000 Over 350 days 60.0% 5471.000 Required: 1. Use the preceding analysis to compute the estimated amount of uncollectible recevables 2. What is the netreazabie value of Cowens accounts receivable? 3 Prepare the purnal entry to record Cowens estimated uncollectibles, assuming the balance in Allowance for Doubtful Accounts prior to adiustments A0 3 53.100 de C $2.500 (credit CHART OF ACCOUNTS Cowen's General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 122 Allowance for Doubtful Accounts EXPENSES 141 Inventory 500 Cost of Goods Sold 152 Prepaid Insurance 181 Equipment 198 Accumulated Depreciation 511 Insurance Expense 512 Utilities Expense 521 Salaries Expense 532 Bad Debt Expense 540 Interest Expense 541 Depreciation Expense 559 Miscellaneous Expenses 910 Income Tax Expense LIABILITIES 211 Accounts Payable 231 Salaries Payable 250 Unearned Revenue 261 Income Taxes Payable EQUITY 311 Common Stock 331 Retained Earnings Aging Analysis of Accounts Receivable Instructions Chart of Accounts Analysis General Journal Analysis 1. Use the Aging analysis to compute the estimated amount of uncollectible receivables. The estimated amount uncollectible based on the data provided is $ 2. What is the net realizable value of Cowen's accounts receivable? Net realizable value of accounts receivable $ Instructions Chart of Accounts Analysis General Journal General Journal 3a Prepare the journal entry on June 30 to record Cowen's estimated uncolectibles, assuming the balance in Allowance for Doudoul Accounts prior to adjustment is 50 General al instrucoes PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST RER DEBIT CREDIT ab Prepare the journal entry on June 30 to record Cowen's estimated uncollectibles, assuming the balance Allowance for Doubour Accounts prior to adjustment is a $2,100 debt Genc.NO IMGED GENERAL JOURNAL ACCOUNT TITLE POSER DEBIT CREDIT o pumayores record consente un conte assunting Dance Arowance for Doubt Accounts or to use sa TWEE