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Presented below is an aging schedule for the Owen Company at December 31, 2020: Customer Balance Not Yet 1-30 past 31-60 61-90 past Over 90
Presented below is an aging schedule for the Owen Company at December 31, 2020: Customer Balance Not Yet 1-30 past 31-60 61-90 past Over 90 Due due past due due Culberson $24,000 $ 9,000 $15,000 Samsa 30,000 $30,000 50,000 5,000 Burks 5,000 $40,000 Greuel 38,000 $38,00C Others 120,000 72,000 35,000 13,000 $262,000 $107,000 $49,000 $28,000 $40,000 $38.00C % estimated uncollectible 3% 7% 12% 24% 60% Total estimated uncollectible $42,400 $3,210 $3,430 $3,360 $9,600 $22,800 At December 31 2020, the unadjusted balance in Allowance for Doubtful Account is a credit of $10,000. [A] Using information above, record the adjusting entry to adjust the allowance for doubtful accounts at December 31, 2020. General Journal: Question# Account Debit Credit [B] What is the net (cash) realizable value of accounts receivable after the adjustment is made to record bad debt expense? _(please label answer clearly in your solution/window) [C] Journalize the following events that occurred in 2021. If no journal entry is required please indicate that no entry is necessary. Use the general journal that you cut and paste in your solution to answer the question. (1) March 1, a customer with an accounts receivable balance of $400 is deemed uncollectible. (2) May 1, a check for $400 is received from the customer above. [D] Journalize the entry to adjust the allowance for doubtful accounts at December 31, 2021 assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $1,400 and the aging schedule indicates that total estimated collectible accounts will be $36,700
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