SYD HASAN CPA 330 CH 7 DEM PROBL P1: Estimating Bad Debts On 12/31, Zee Company had the followina normal account balances related to credit sales and receivables prior to recording adjusting entries: Accounts Receivable $300K Allowance for Doubtful Accounts $2K Analysis of the aging schedule revealed the following: % Uncollectible Daye Outstanding 0-30 Amount $200K 2% $60K 10% 31-60 Over 60 Days 25% $40K Prepare the necessary year-end adjusting entry related to uncollectible accounts that the firm would make under the Allowance Method. P2: Write-Off Transactions Yum Company uses the allowance method to account for uncollectible accounts. On January 1 of the current year, the company had the following account balances: $100K Accounts Receivable $5K Allowance for Doubtful ACcounts On Jan 2, a $2K account from Delta Company was deemed to be uncollectible and written off. On March 15, Yum unexpectedly received the $2K payment from Delta. Required Prepare the journal entries to record the transactions on January 2 and March 15