Estimating Doubtful Accounts Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of the percentage of uncollectible accounts in each age category are as follows: Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31. l Outlaw Bike Co. Estimation of Uncollectible Accounts December 31 Age Class Balance Percent Uncollectible Estimated Uncollectible Accounts Amount Not past due $598,000 1/2% 1-30 days past due 65,800 2% 31-60 days past due 29,900 8% 61-90 days past due 21,500 16% 91-180 days past due 15,500 42% Over 180 days past due 11,400 65% Total $742,100 | eBOUR SHOW ME HOW Calculator Entries for Notes Receivable Valley Designs issued a 90-day, 8% note for $54,000, dated April 15, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest. a. Determine the due date of the note. July 14 b. Determine the maturity value of the note. Feedback Check My Work The due date is the date the note is to be paid. Remember the interest rate is stated on an annual basis, while the term is expressed as days. Assume a 360 day year. The maturity value is the amount that must be paid at the due date of the note. At the due date, the company records the receipt of payment on the note. Learning Objective 6. c1. Journalize the entry to record the receipt of the note by Bork Furniture. Notes Receivable Accounts Receivable-Valley Designs Feedback c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank. Cash Notes Receivable Interest Revenue Feedback Feedback