Data Visualization 5-1 Estimating uncollectible accounts At the end of Year 5, your consulting firm has been hired by a local service firm to help forecast future uncollectible accounts. For each of the prior five years, you ask the service firm to provide data on the age categories of year-end accounts receivable and the percentage of those accounts that eventually proved uncollectible. With these historical percentages, you estimate a trend line (dashed line) to predict the percentage of uncollectible accounts for Year 6, the upcoming year. Graphs were provided to management from your analysis of each of the three age categories, as well as balances of accounts receivable by age category at the end of Year 5 as follows: Percentage of Uncollectible Accounts: Not Yet Past Due 1-30 Days Past Due Over 30 Days Past Due 18% 46% 16% 44% 6% 169 15% 14% 15% 42% 14% 14% V41% 40% 10% 38% Year 1 2 3 4 5 6 Year 1 2 3 4 5 6 Year 1 2 3 4 5 6 Accounts Receivable by Age: End of Year 5 $128,000 $84,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $35,000 Not Yet Past Due 1 -30 Days Past Due Over 30 Days Past Due Click here to open the graphs in a new tab. Required: 1. Which age categories predicts the lowest percentage of uncollectible accounts for Year 6? 2. Which age categories predicts the highest percentage of uncollectible accounts for Year 6? 3. What is the dollar amount of accounts receivable that are 1-30 days past due at the end of year 5 (bottom graph)? 4. Calculate the total amount of estimated uncollectible accounts for Year 6 (Hint: Use all three age categories)? 5. Assume the balance of Allowance for Uncollectible Accounts is $4,850 (credit) at the end of Year 5 (before any adjustment). Prepare the adjusting entry at the end of Year 5. 6. Determine the amount of net accounts receivable the company would report at the end of Year 5. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Which age categories predicts the lowest percentage of uncollectible accounts for Year 6? Not yet past due O1-30 days past due O over 30 days past due Click here to open the graphs in a new tab. Required: 1. Which age categories predicts the lowest percentage of uncollectible accounts for Year 6? 2. Which age categories predicts the highest percentage of uncollectible accounts for Year 6? 3. What is the dollar amount of accounts receivable that are 1-30 days past due at the end of year 5 (bottom graph)? 4. Calculate the total amount of estimated uncollectible accounts for Year 6 (Hint: Use all three age categories)? 5. Assume the balance of Allowance for Uncollectible Accounts is $4,850 (credit) at the end of Year 5 (before any adjustment). Prepare the adjusting entry at the end of Year 5. 6. Determine the amount of net accounts receivable the company would report at the end of Year 5. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Which age categories predicts the highest percentage of uncollectible accounts for Year 6? Not yet past due 101-30 days past due IO Over 30 days past due Click here to open the graphs in a new tab. Required: 1. Which age categories predicts the lowest percentage of uncollectible accounts for Year 6? 2. Which age categories predicts the highest percentage of uncollectible accounts for Year 6? 3. What is the dollar amount of accounts receivable that are 1-30 days past due at the end of year 5 (bottom graph)? 4. Calculate the total amount of estimated uncollectible accounts for Year 6 (Hint: Use all three age categories)? 5. Assume the balance of Allowance for Uncollectible Accounts is $4,850 (credit) at the end of Year 5 (before any adjustment). Prepare the adjusting entry at the end of Year 5. 6. Determine the amount of net accounts receivable the company would report at the end of Year 5. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 What is the dollar amount of accounts receivable that are 1-30 days past due at the end of year 5 (bottom graph)? Accounts Receivable Click here to open the graphs in a new tab. Required: 1. Which age categories predicts the lowest percentage of uncollectible accounts for Year 6? age categories predicts the highest percentage of uncollectible accounts for Year 6? 3. What is the dollar amount of accounts receivable that are 1-30 days past due at the end of year 5 (bottom graph)? 4. Calculate the total amount of estimated uncollectible accounts for Year 6 (Hint: Use all three age categories)? 5. Assume the balance of Allowance for Uncollectible Accounts is $4,850 (credit) at the end of Year 5 (before any adjustment). Prepare the adjusting entry at the end of Year 5. 6. Determine the amount of net accounts receivable the company would report at the end of Year 5. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 6 Calculate the total amount of estimated uncollectible accounts for Year 6 (Hint: Use all three age categories)? Estimated Uncollectible Accounts Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Assume the balance of Allowance for Uncollectible Accounts is $4,850 (credit) at the end of Year 5 (before any adjustment). Prepare the adjusting entry at the end of Year 5. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjustment to the allowance for uncollectible accounts. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Click here to open the graphs in a new tab. Required: 1. Which age categories predicts the lowest percentage of uncollectible accounts for Year 6? 2. Which age categories predicts the highest percentage of uncollectible accounts for Year 6? 3. What is the dollar amount of accounts receivable that are 1-30 days past due at the end of year 5 (bottom graph)? 4. Calculate the total amount of estimated uncollectible accounts for Year 6 (Hint: Use all three age categories)? 5. Assume the balance of Allowance for Uncollectible Accounts is $4,850 (credit) at the end of Year 5 (before any adjustment). Prepare the adjusting entry at the end of Year 5. 6. Determine the amount of net accounts receivable the company would report at the end of Year 5. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Determine the amount of net accounts receivable the company would report at the end of Year 5. Net Accounts Receivable Click here to open the graphs in a new tab. Required: 1. Which age categories predicts the lowest percentage of uncollectible accounts for Year 6? 2. Which age categories predicts the highest percentage of uncollectible accounts for Year 6? 3. What is the dollar amount of accounts receivable that are 1-30 days past due at the end of year 5 (bottom graph)? 4. Calculate the total amount of estimated uncollectible accounts for Year 6 (Hint: Use all three age categories)? 5. Assume the balance of Allowance for Uncollectible Accounts is $4,850 (credit) at the end of Year 5 (before any adjustment). Prepare the adjusting entry at the end of Year 5. 6. Determine the amount of net accounts receivable the company would report at the end of Year 5. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Which age categories predicts the highest percentage of uncollectible accounts for Year 6? Not yet past due 101-30 days past due IO Over 30 days past due Click here to open the graphs in a new tab. Required: 1. Which age categories predicts the lowest percentage of uncollectible accounts for Year 6? 2. Which age categories predicts the highest percentage of uncollectible accounts for Year 6? 3. What is the dollar amount of accounts receivable that are 1-30 days past due at the end of year 5 (bottom graph)? 4. Calculate the total amount of estimated uncollectible accounts for Year 6 (Hint: Use all three age categories)? 5. Assume the balance of Allowance for Uncollectible Accounts is $4,850 (credit) at the end of Year 5 (before any adjustment). Prepare the adjusting entry at the end of Year 5. 6. Determine the amount of net accounts receivable the company would report at the end of Year 5. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 What is the dollar amount of accounts receivable that are 1-30 days past due at the end of year 5 (bottom graph)? Accounts Receivable Click here to open the graphs in a new tab. Required: 1. Which age categories predicts the lowest percentage of uncollectible accounts for Year 6? age categories predicts the highest percentage of uncollectible accounts for Year 6? 3. What is the dollar amount of accounts receivable that are 1-30 days past due at the end of year 5 (bottom graph)? 4. Calculate the total amount of estimated uncollectible accounts for Year 6 (Hint: Use all three age categories)? 5. Assume the balance of Allowance for Uncollectible Accounts is $4,850 (credit) at the end of Year 5 (before any adjustment). Prepare the adjusting entry at the end of Year 5. 6. Determine the amount of net accounts receivable the company would report at the end of Year 5. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 6 Calculate the total amount of estimated uncollectible accounts for Year 6 (Hint: Use all three age categories)? Estimated Uncollectible Accounts Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Assume the balance of Allowance for Uncollectible Accounts is $4,850 (credit) at the end of Year 5 (before any adjustment). Prepare the adjusting entry at the end of Year 5. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjustment to the allowance for uncollectible accounts. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Click here to open the graphs in a new tab. Required: 1. Which age categories predicts the lowest percentage of uncollectible accounts for Year 6? 2. Which age categories predicts the highest percentage of uncollectible accounts for Year 6? 3. What is the dollar amount of accounts receivable that are 1-30 days past due at the end of year 5 (bottom graph)? 4. Calculate the total amount of estimated uncollectible accounts for Year 6 (Hint: Use all three age categories)? 5. Assume the balance of Allowance for Uncollectible Accounts is $4,850 (credit) at the end of Year 5 (before any adjustment). Prepare the adjusting entry at the end of Year 5. 6. Determine the amount of net accounts receivable the company would report at the end of Year 5. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Determine the amount of net accounts receivable the company would report at the end of Year 5. Net Accounts Receivable