Young and Old Corporation $($YOC$)$ uses two aging categories to estimate uncollectible accounts. Accounts less than sixty days are

considered young and have a $5$ percent uncollectible rate. Accounts more than sixty days are considered old and have a $35$ percent

uncollectible rate.

Required:

If YOC has $$100,000$ of young accounts and $$400,000$ of old accounts, how much should be reported in the Allowance for Doubtful

Accounts?

Allowance for doubtful accounts

If YOC's Allowance for Doubtful Accounts currently has an unadjusted credit balance of $$40,000,$ how much should be credited to

the account?

Allowance for doubtful accounts

If YOC's Allowance for Doubtful Accounts has an unadjusted debit balance of $$5,000,$ how much should be credited to the account?