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Instructions Cowen's, a large department store located in a metropolitan area, has been experiencing difficulty in estimating its bad debts. The company has decided to prepare an aging schedule for its outstanding accounts receivable and estimate bad debts by the due dates of its receivables. This analysis discloses the following information: Balance Age of Receivable Estimated Percentage Uncollectible $194,000 Under 30 days 0.8% 119,000 30-60 days 20% 73,000 61-120 days 5.0% 41,000 121-240 days 20.0% 25 000 241-360 days 35.0% 19,000 Over 360 days 60.0% $471.000 Required: 1. Use the preceding analysis to compute the estimated amount of uncollectible receivables Required: 1. Use the preceding analysis to compute the estimated amount of uncollectible receivables 2. What is the net realizable value of Cowen's accounts receivable? 3. Prepare the journal entry to record Cowen's estimated uncollectibles, assuming the balance in Allowance for Doubtful Accounts prior to adjustment is A 0 B. $3,100 (debit) C. $2,500 (credit) 3a Prepare the journal entry on June 30 to record Cowen's estimated uncollectibles, assuming the balance in Allowance for Doubtful Accounts prior to adjustment is so General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDI 36. Prepare the journal entry on June 30 to record Cowen's estimated uncollectibles, assuming the balance in Allowance for Doubtful Accounts prior to adjustment is a $3, 100 debit. 36. Prepare the journal entry on June 30 to record Cowen's estimated uncollectibles, assuming the balance in Allowance for Doubtful Accounts prior to adjustment is a $3,100 debit General Joumal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF: DEBIT CREDIT 30. Prepare the journal entry on June 30 to record Cowen's estimated uncollectibles assuming the balance in Allowance for Doubtful Accounts prior to adjustment is a $2,500 credia 3c. Prepare the journal entry on June 30 to record Cowen's estimated uncollectibles, assuming the balance in Allowance for Doubtful Accounts prior to adjustment is a $2,500 credi General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REE DEBIT CREDIT 1. Use the Aging analysis to compute the estimated amount of uncollectible receivables. The estimated amount uncollectible based on the data provided is $ 2. What is the net realizable value of Cowen's accounts receivable? Net realizable value of accounts receivable $ bf u. Je