Wilson Leather Products sells leather clothing at both wholesale and retail. The company has found that there is a higher rate of uncollectible accounts from retail credit sales than from wholesale credit sales. Wilson computes its estimated loss from uncollectible accounts at the end of each year. The amount is based on the rates of loss that the firm has developed from experience for each division. A separate computation is made for each of the two types of sales. The firm uses the percentage of net credit sales method. As of December 31, 20X1, Accounts Receivable has a balance of $385,000, and Allowance for Doubtful Accounts has a debit balance of $256. The following table provides a breakdown of the net credit sales for the year 201 and the estimated rates of loss: Required: 1. Compute the estimated amount of uncollectible accounts expense for each of the two categories of net credit sales for the year. 2. Prepare an adjusting entry in general journal form to provide for the estimated uncollectible accounts on December 31,201. Use Uncollectible Accounts Expense. 3. Show how Accounts Receivable and Allowance for Doubtful Accounts should appear on the balance sheet of Wilson Leather Products as of December 31, 201. 4. On January 20,202, the account receivable of Columbus Clothiers, amounting to $760, is determined to be uncollectible and is to be written off. Record this transaction in the general journal. 5. On November 26, 202, the attorneys for Wilson turned over a check for $760 that they obtained from Columbus Clothiers in settlement of its account, which had been written off on January 20 . The money has already been recorded in the cash receipts journal. Give the general journal entry to reverse the original write-off. Analyze: Compute the net accounts receivable amount that should be reported in the financial statements for the year ended December 31, 201. Complete this question by entering your answers in the tabs below. Compute the estimated amount of uncollectible accounts expense for each of the two categories of net credit sales for the year. 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