Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible accounts, as shown below. Age Class Percent Uncollectible Not past due 1% 1-30 days past due 5 31-60 days past due 20 61-90 days past due 30 Over 90 days past due 45 Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below. chhoff Industries Aging of Receivables Schedule Customer Subtotals Conover Industries Keystone Company Moxie Creek Inc. Rainbow Company Swanson Company Totals Percentage uncollectible Balance Not Past Due 1-30 Days Past Due 31-60 Days Past Due 61-90 Days Past Due Over 90 Days Past Due 747,900 441,300 164,500 67,300 37,400 37,400 12,600 12,600 18,700 18,700 9,700 9,700 10,200 10,200 30,300 30,300 829,400 471,600 174,700 77,000 56,100 50,000 1% 5% 20% 30% 45% Allowance for Doubtful Accounts Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21. Received from McKenna Outer Wear Co., on account, a $60,000, 60-day, 7% note dated November 21 in settlement of a past due account. Dec. 31. Recorded an adjusting entry for accrued interest on the note of November 21. 20Y4 Jan. 20. Received payment of note and interest from Mckenna Outer Wear Co. Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Assume a 360-day year when calculating interest. Round answers to the nearest dollar amount. 20Y3, Nov. 21 Notes Receivable 60,000 Accounts Receivable-McKenna Outer Wear Co. 60,000 Dec. 31 467 Interest Receivable Interest Revenue 467 2014, Jan. 20 Cash 60,700 Notes Receivable 60,000 Interest Receivable 467 Interest Revenue 233