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 $191,000 Under 30 days 0.8% 118,000 30-60 days 2.0% 73,000 61-120 days 5.0% 41,000 121-240 days 20.0% 25,000 241-360 days 35.0% 19,000 Over 360 days 60.0% $467,000 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 joumal entry to record Cowen's estimated uncollectibles, assuming the balance in Allowance for Doubtful Accounts prior to adjustment is: AO B. $3,000 (debit) C. $2,500 (credit) Analysis 1. Use the Aging analysis to compute the estimated amount of uncollectible receivables. The estimated amount uncollectible based on the data provided is Feedback 2. What is the net realizable value of Cowen's accounts receivable? Net realizable value of accounts receivable $38,824 X. $38,824 X. 3a. Prepare the journal entry on June 30 to record Cowen's estimated uncollectibles, assuming the balance in Allowance for Doubtful Accounts prior to adjustment is $0. General Journal Instructions Question not attempted. GENERAL JOURNAL DATE ACCOUNT TITLE 1 PAGE 1 Score: 0/25 POST. REF. DEBIT CREDIT 3b. Prepare the journal entry on June 30 to record Cowen's estimated uncollectibles, assuming the balance in Allowance for Doubtful Accounts prior to adjustment is a $3,000 debit. General Journal Instructions Question not attempted. 1 2 GENERAL JOURNAL DATE ACCOUNT TITLE PAGE 1 Score: 0/25 POST, REF DEBIT CREDIT Ne 3c. Prepare the journal entry on June 30 to record Cowen's estimated uncollectibles, assuming the balance in Allowance for Doubtful Accounts prior to adjustment is a $2,500 credit General Journal Instructions Question not attempted. 1 2 PAGE 1 GENERAL JOURNAL Score: 0/25 DATE ACCOUNT TITLE POST REF DEBIT CREDIT Points