Saved 1. Compute the estimated uncollectible accounts at the end of the year using the following rates: Current 1-30 days past due 31-60 days past due Over 60 days past due 28 49 10% 304 2. As of December 31, 2019, there is a credit balance of $278 in Allowance for Doubtful Accounts, Compute the amount of the adjustment for uncollectible accounts expense that must be made as part of the adjusting entries. 3. Prepare a journal entry to record the adjustment for the estimated losses. Use Uncollectible Accounts Expense and Allowance for Doubtful Accounts. 4. On May 10, 2020, the $486 account receivable of John Ash was recognized as uncollectible. Prepare a journal entry to record this transaction. 5. On June 12, 2020, a check for $270 was received from Zeke Martin to apply to his account, which had been written off on November 8, 2019, as uncollectible. Record the reversal of the previous write-off in the general Journal. The cash obtained has already been entered in the cash receipts journal. 6. Suppose that instead of aging the accounts receivable, the company estimated the uncollectible accounts to be 20 percent of the total accounts receivable on December 31, 2019. Give the general Journal entry to record the adjustment for estimated losses from uncollectible accounts. Assume that Allowance for Doubtful Accounts has a credit balance of $278 before the adjusting entry Analyze: What impact would the change in estimation method described in instruction 6 qave on the net income for fiscal 2019? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Reg 4 Reg 5 Reg 6 Analyze Compute the estimated uncollectible accounts at the end of the year using the following rates: Over 60 days past due 31-60 days past due 1-30 days past due Current Total estimated uncollectible accounts 0 Complete this question by entering your answers in the tabs below. Reg 1 Recxt2 Reg 3 Reg 4 Reg 5 Reg 6 Analyze As of December 31, 2019, there is a credit balance of $278 in Allowance for Doubtful Accounts. Compute the amount of the adjustment for uncollectible accounts expense that must be made as part of the adjusting entries. Estimated uncollectible accounts Amount of adjustment for estimated uncollectible accounts Req 1 Reg 2 Reg 3 Reg 4 Reg 5 Reg 6 Analyze Prepare a journal entry to record the adjustment for the estimated losses. Use Uncollectible Accounts Expense and Allowance for Doubtful Accounts View transaction list Journal entry worksheet 1 Record the adjustment for the estimated losses. Note: Enter debits before credits General Journal Debit Credit Date Dec 31. 2019 Reg 1 Reg 2 Reg 3 Reg Reg 5 Reg 6 Analyze On May 10, 2020, the $486 account recevable of John Ash was recognized as uncollectible. Prepare a journal entry to record this transaction View transaction list Journal entry worksheet 1 Record entry to write off account determined to be uncollectible. Note: Enter debits before credits. General Journal Debit Credit Date May 10, 2020 Reg 1 Reg 2 Rega Reg 4 Reg 5 Reg 6 Analyze On June 12, 2020, a check for $270 was received from Zeke Martin to apply to his account, which had been written off on November 2019, as uncollectible. Record the reversal of the previous write-off in the general journal. The cash obtained has already been entered in the cash receipts journal. View transaction list Journal entry worksheet
