The schedule of accounts receivable by age, shown below, was prepared for the Lucero Company at the end of the firm's fiscal year on December 31, 20X1: Required: 1. Compute the estimated uncollectible accounts at the end of the year using the following rates: 2. As of December 31,201, there is a credit balance of $308 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, 20X2, the $516 account receivable of John Ash was recognized as uncollectible. Prepare a journal entry to record this transaction. 5. On June 12, 202, a check for $300 was received from Zeke Martin to apply to his account, which had been written off on November 8, 20X1, 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 2.0 percent of the total accounts receivable on December 31, 20X1. 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 $308 before the adjusting entry. Analyze: What impact would the change in estimation method described in item 6 have on the net income for fiscal 20X1? Complete this question by entering your answers in the tabs below. Compute the estimated uncollectible accounts at the end of the year using the following rates: On April 30, 20X1, Alonzo Plumbing, which uses the allowance method, decided that the $2,600 account of Ashley Madison was worthless and should be written off. On December 8, 20X1, after a threatened lawsuit by Alonzo Plumbing, Ashley Madison paid the $2,600 account charged off on April 30, 201. Required: Prepare the entries in general journal form to reinstate Madison's account and to record the receipt of her check. 1 Record the journal entry to reinstate Madison's account previously written off. 2 Record the journal entry to record the collection of Madison's account. tten off. edit Note : = journal entry has been entered