Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PLEASE SHOW SOLUTION AND PUT ANSWER IN SAME FORMAT AS IN THE IMAGE. THANKS! Zuo Software categorizes its accounts receivable Into four age groups for

PLEASE SHOW SOLUTION AND PUT ANSWER IN SAME FORMAT AS IN THE IMAGE. THANKS!

image text in transcribedimage text in transcribedimage text in transcribed

Zuo Software categorizes its accounts receivable Into four age groups for purposes of estimating its allowance for uncollectible accounts. 1. Accounts not yet due = $256,000; estimated uncollectible = 15%. 2. Accounts 130 days past due = $32,000, estimated uncollectible = 19% 3. Accounts 31-90 days past due = $25,600, estimated uncollectible = 23% 4. Accounts more than 90 days past due = $19,200, estimated uncollectible -27% At 12/31/2021, before recording any adjustments, Zuo has a credit balance of $24.900 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 > Zuo Software categorizes its accounts receivable Into four age groups for purposes of estimating its allowance for uncollectible accounts. 1. Accounts not yet due = $256.000, estimated uncollectible = 15% 2. Accounts 130 days past due = $32,000, estimated uncollectible = 19%. 3. Accounts 31-90 days past due = $25,600, estimated uncollectible = 23% 4. Accounts more than 90 days past due = $19,200, estimated uncollectible = 27%. At 12/31/2021, before recording any adjustments, Zuo has a credit balance of $24.900 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 What journal entry should Zuo record to adjust its allowance for uncollectible accounts? (If no entry is required for a transacti 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 Required 1 Required 3 > Required 1 Required a Required 2 Required 2 Required 3 Required Calculate Zuo's 12/31/2021 net accounts receivable balance. Balance in net accounts receivable Required 2 Required 3 )

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Reporting And Analysis

Authors: S. Gauba, Jawahar Lal

1st Edition

9352739124, 978-9352739127

More Books

Students also viewed these Accounting questions