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need answer pls The following information is provided about the outstanding Accounts Receivable of Questlove Enterprises. They total $1.000,000. Of these, $200,000 have been outstanding
need answer pls
The following information is provided about the outstanding Accounts Receivable of Questlove Enterprises. They total $1.000,000. Of these, $200,000 have been outstanding 0-60 days, $600,000 have been outstanding 61-120 days, and $200,000 have been outstanding more than 120 days. Of the 060 day category, 3% are expected to be uncollectible, of the 61-120 day category, 20% are expected to be uncollectible, and of the over-120-day group, 40% are expected to be uncollectible. 1) Compute Questlove's Total Estimated Uncollectibles. Record in your Solution BOX this number: Total Estimated Uncollectibles, for example $11,111 For these Questions below, record in your Solution BOX: The 3 required journal entries 2) Now Questlove needs to make the adjusting entry to record the uncollectibles. a) Make the journal entry on the assumption that the unadjusted balance in the Allowance for Uncollectible Accounts is a $500 credit balance. b) Now make the entry on the assumption that the unadjusted balance in the Allowance for Uncollectible Accounts is a $600 debit balance. 3) One of Questlove's customers, Selena Gomez, has let the firm know she will be unable to pay any of her receivables due to a volcanic eruption in her neighborhood. She owes the firm $3,000. Make the journal entry to record this event Step by Step Solution
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