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The company uses the aging of receivables method to estimate the amount that should be reported in the allowance for doubtful accounts at the end of the period. At the end of the period outstanding accounts receivable total $1,560,000. Of the $1,560,000 in accounts receivable, $120,000 are 1-30 days past due; $80,000 are 31-90 days past due; and $30,000 are more than 90 days past due. The remaining receivables are current (not past due). Based on historical experience, current economic conditions, and the company's credit policy, the company expects the following percentages to be uncollectible from each category of receivables: Current: 1% 1-30 Day past due: 3% 31-90 Days past due:5% More than 90 Days past due: 10% Calculate the balance in "Allowance for Doubtful Accounts" that the company should report at the end of the period. Your Answer: Question 4 (1 point) If a company determines that they will no longer be able to collect an account receivable, then this account receivable will be "written off" and removed from that company's balance sheet. True False Question 5 (1 point) When a company receives cash from a customer for a receivable that was previously written-off, the net affect on total assets is $0. True False Question 6 (1 point) On July 1st, a company exchanges an account receivable from a customer with a $100,000 note receivable due in 3 years with a 12% annual interest rate. The customer repays the loan and the accrued interest on September 30th. Assume that interest is not compounding from period to period. On July 1st the company records a ______ among other items. debit to accounts receivable debit to note receivable debit to interest receivable credit to interest income Question 7 (1 point) On July 1st, a company exchanges an account receivable from a customer with a $100,000 note receivable due in 3 years with a 12% annual interest rate. The customer repays the loan and the accrued interest at the end of the three years. Assume that interest is not compounding from period to period. On July 31st the company records a _____ among other items. O credit to interest income debit to note receivable debit to accounts receivable credit to interest receivable