Problem 8-1A Pharoah Company uses the allowance method of accounting for bad debts. The company produced the following aging of the accounts receivable at year-end. Calculate the total estimated bad debts on the below information. Number of Days Outstanding Total 0-30 31-60 61-90 91-120 Accounts Receivable $392,000 $235,000 $89,000 $36,000 $21,000 Over 120 $11,000 % uncollectible 1% 4% 5% 8% 11% Estimated bad debts SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO. SIMILAR PROBLEM Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable determined in above. Assume the unadjusted balance in Allowance for Doubtful Accounts is a $4,000 debit. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: SIMILAR PROBLEM of the above accounts, $4,800 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: SIMILAR PROBLEM The company collects $4,800 subsequently on a specific account that had previously been determined to be uncollectible in part (c). Prepare the journal entry(ies) necessary to (1) restore the account and (2) record the cash collection. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit No. Account Titles and Explanation 1. 2. SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: SIMILAR