TUULLI MID-CHAI a Maxo Industries Schedule of Accounts Recevable by Age December 31, 2017 Customer's Name Not Yet Due 1 to 30 Days Past Due 31 to 60 Days Past Due 61 to 90 Days Past Due Over 90 Days Past Due Total $ 40,000 $22.000 $26.000 42,000 Alton Group Filby's Electrical Service GDP Servicing Parker's Electrical Trenton Construction Xeon Developments Totals Percentage uncollectible. Estimated uncollectible accounts $ 90,000 48.000 162,000 $120,000 80.000 80,000 15.000 55.000 30.000 $450,000 $230.000 x 1% $15,000 25.000 $157,000 x 4% $22.000 X 8% $26.000 x 25% $15.000 X 60% During the year 2017, the company had sales of $3,720,000, of which $38,000 were cash sales. The Allow- ance for Doubtful Accounts had an unadjusted debit balance on December 31, 2017, of $3,050. Required Prepare the adjusting entry to estimate uncollectible accounts on December 31, 2017, under each of the following independent assumptions, and show the resulting balance sheet presentation for accounts receivable a. Bad debts are estimated to be 0.0% of credit sales. 1. Bad debts are estimated to be % of outstanding accounts receivable: c. Bad debts are based on an aging analysis (part of the required information is provided in the schedule above), earch Maxo Industries, a distributor of electrical supplies, had outstanding accounts receivable on December 31, 2017, of $450,000 aged as follows: DEMONSTRATION PROBLEM Garden Works Co. had a number of transactions involving receivables during the year 2017 Each of them follows. Required Prepare journal entries to record these independent transactions on the book of GardenWorks Co. Garden Works Co.'s year-end is December 31 On November 15, 2017, Garden Works Co. agreed to accept $500 in cash and a $2.000 ulay note from Argo Company to settle its $2,500 past-due account Determine the rain date and record the entry on November 15, on December 31, and on the date of maha Garden Works Co. held a 31,800, 6%, 45-day note of Altamira Industries at nanturitz. December 15, Altamira dishonoured the note. Record the dishonouring of the Lure Reerivable Gadebarks Co. estimates bad debts to be 3.5% of net credit sales. During 2017 total sales wen 3000l of which were for cash. Sales returns and allowances for the year wene all related to credit sales. Accounts receivable in the amount of $130) 006) were identified asuncollectible and written off during 2017. Calculate the adjusted balance hogance for deubtful accounts ai December 31, 2017, assuming a credit balance on