E8-6 (Algo) Computing Bad Debt Expense Using Aging of Accounts Receivable Method [LO 8-2] Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 6% uncollectible rate. Accounts more than 60 days are considered old and have a 45% uncollectible rate. Required: 1. If YOC has $120,000 of young accounts and $300,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? 2. If YOC's Allowance for Doubtful Accounts currently has an unadjusted credit bolance of $30,000, how much should be credited to the occount? 3. If YOC's Allowance for Doubtful Accounts has an unadjusted debit bolance of $4,000, how much chould be credited to the account? E8-1 (Algo) Recording Bad Debt Expense Estimates and Write-Offs Using the Aging of Receivables Method [LO 8-2] Blackhorse Productions, Incorporated, used the aging of accounts receivable method to estimate that its Allowance for Doubrful Accounts should be $20,100. The account had an unadjusted credit balance of $11,000 of that time Required: Prepare joumal entries for each of the following. (H no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. The oppropriate bad debt adjustment was recorded b. Later, an account receivable for $1,100 was determined to be uncollectible and was written off. Journal entry worksheet 2 Record the end-of-period adjustment for bad debts under the aging of accounts receivable method. Neter Eoter delits Gefors credis. 88-16 (Algo) Analyzing and Interpreting Receivables Turnover Ratio and Days to Collect [LO 8-4] QuickShip Corporation reported the following rounded amounts (in millions): Required: 1. Determine the receivables tumover rotio ond days to collect for 2019 2. Do the measures colculated in requirement 1 represent an improvement (or deteriorotion) in receivables turnover, compared to 2018, when the tumover wos 9.4 ? Complete this question by enterino your answers in the tabs below. Determine the recelvables turnover ratio and days to collect for 2019. (Use 365 days in a year. Do not round intermediate calculations. Found your final answers to 1 decimal ploce.)