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 LUCERO COMPANY Schedule of Accounts Receivable by Age December 31, 2ex Past Due-Days Account Balance Current 1-30 31-60 Over 60 Adson, Paul 710.00 $ 71e.ee Allen, Alfred 720.00 $ 560.0 5 160.00 Ash, John 376.ee $ 375.00 Bae, John 300.00 300.00 Barker, Kelsie 116.ee 80.00 36.ee Bentley, Maggie 496.ee 15e.ee 182.ee 75.ee Blair, Herman 8. 60.ee 28.ee (All other accts.) 48,584.00 38,750 4,724.00 3,204.00 1,896.00 Totals $51,300.ee $40,-.ce 55, e.ce 53,5e.ee $2,300.ee Required: 1. Compute the estimated uncollectible accounts at the end of the year using the following rates: Required: 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 3% 5% 8% 20% 2. As of December 31, 20x1, there is a credit balance of $168 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 $376 account receivable of John Ash was recognized as uncollectible. Prepare a journal entry to record this transaction 5. On June 12, 20X2, a check for $160 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 5.0 percent of the total accounts recevable on December 31, 20X1. Give the general journal entry to record the Allowance for Doubtful Accounts. 4. On May 10, 20X2, the $376 account receivable of John Ash was recognized as uncollectible. Prepare a journal entry to record this transaction 5. On June 12, 20X2, a check for $160 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 50 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 $168 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. Reg 1 Reg 2 Reg 3 Reg 4 Reg 5 Reg 6 Analyze 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. Reg 2 Analyze Reg 1 Req3 Req5 Reg 4 Req6 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 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. Reg 1 Reg 2 Reg 3 Reg 4 Regs Req6 Analyze As of December 31, 20x1, there is a credit balance of $168 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 Journal entry worksheet > Record entry to write off account determined to be uncollectible. Note: Enter debits before credits. W General Journal Debit Credit Date May 10 Journal entry worksheet Record the adjustment for the estimated losses. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 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. Reg 1 Reg 2 Req3 Reg 4 Reg 5 Req6 Analyze What impact would the change in estimation method described in item 6 have on the net income for fiscal 20x1? Net Income would be by