moodle.ru.ca Winny & Gesegne de ses BAC 2270_87Financial Accounting W2021 di bugil 1340707 Question #1 - 3 marks - 8 minutes QFX Company uses the aging of receivables method for setting up its allowance for doubtful accounts At its year end (July 31, 2020), the company shows the following account balances: DR CR $ 1,300,000 Sales revenue (200,000 cash sales) Accounts receivable Allowance for doubtful accounts $ 110,000 2,500 The company's accountant breaks down the receivables as follows: Estimated Amount Receivable Uncollectible Not Due $ 67,000 1% 30-60 days old 19,000 39 60-90 days old 15,000 9% Over 90 days old 9,000 3396 $ 110,000 Required: a.) Based on the information above, prepare the required July 31 adjustment to allowance for doubtful accounts. calmartmoulded on the commenced MacBook Air Not Due 30-60 days old 60-90 days old Over 90 days old Receivable $ 67,000 19,000 15,000 9,000 $ 110,000 Estimated Amount Uncollectible 1% 3% 9% 33% Required: a.) Based on the information above, prepare the required July 31 adjustment to allowance for doubtful accounts. b.) Compute net accounts receivable as it would be presented on the company balance sheet. c.) Sometimes the allowance for doubtful accounts can be a DEBIT balance. How does this usually happen