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Exercise 7-14 (Algo) Calculate uncollectible accounts using the aging method; record adjustments [L07- 5, 7-6) Zuo Software categorizes its accounts receivable into four age groups

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Exercise 7-14 (Algo) Calculate uncollectible accounts using the aging method; record adjustments [L07- 5, 7-6) Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts. 1. Accounts not yet due - $255,000, estimated uncollectible -20%. 2. Accounts 1-30 days past due = $31,900, estimated uncollectible = 23%. 3. Accounts 31-90 days past due = $25,500; estimated uncollectible - 26% 4. Accounts more than 90 days past due - $19,100; estimated uncollectible - 30%. At 12/312021, before recording any adjustments, Zuo has a credit balance of $21.400 in its allowance for uncollectible accounts. Required: 1. Estimate the appropriate 12/31/2021 balance for Zuo's allowance for uncollectible accounts. 2. What journal entry should Zuo record to adjust its allowance for uncollectible accounts? 3. Calculate Zuo's 12/31/2021 net accounts receivable balance. Required 1 Required 2 Required 3 Estimate the appropriate 12/31/2021 balance for Zuo's allowance for uncollectible accounts. Balance in allowance for uncollectible accounts (Required 1 Required 2 > Required 1 Required 2 Required 3 What journal entry should Zuo record to adjust its allowance for uncollectible accounts? (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the adjustment to allowance for uncollectible accounts. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general Journal 3,/oj Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts 1. Accounts not yet due = $255,000; estimated uncollectible = 20%. 2. Accounts 1-30 days past due = $31.900; estimated uncollectible = 23% 3. Accounts 31-90 days past due = $25,500; estimated uncollectible 26% 4. Accounts more than 90 days past due = $19,100; estimated uncollectible = 30%. ook At 12/31/2021, before recording any adjustments, Zuo has a credit balance of $21,400 in its allowance for uncollectible accounts Required: 1. Estimate the appropriate 12/312021 balance for Zuo's allowance for uncollectible accounts. 2. What journal entry should Zuo record to adjust its allowance for uncollectible accounts? 3. Calculate Zuo's 12/31/2021 net accounts receivable balance. ferences Required 1 Required 2 Required 3 Calculate Zuo's 12/31/2021 net accounts receivable balance. Balance in not accounts receivable

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