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three part question Required information [The following information applies to the questions displayed below.) On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an

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Required information [The following information applies to the questions displayed below.) On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $15,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Age of Expected Percent Accounts Receivable Accounts Receivable Uncollectible $ 880,000 Not yet due 1. 20% 352,000 1 to 30 days past due 1.95 70,400 31 to 6 days past due 6.45 35,200 61 to 90 days past due 32.50 14,080 Over 90 days past due 67.00 Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31. Estimated Uncollectible Accounts Percent Receivable Uncollectible (W.88%) Not due 1 to 30 31 to 60 61 to 90 Over 90 Estimated balance of allowance for uncollectibles $ 2. Prepare the adjusting entry to record bad debts expense at December 31. (Round percentage answers to nearest whole percent. Do not round intermediate calculations.) View transaction list Journal entry worksheet > Record the estimated bad debts. Note: Enter debits before credits Date General Journal Dec 31 Debit Credit 3. On June 30 of the next year, Jarden concludes that a customer's $4,200 receivable is uncollectible and the account is written off Does this write off directly affect Jarden's net income? Affects Jarden's net income

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