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Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 70 days are considered young and have a 6%

Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 70 days are considered young and have a 6% uncollectible rate. Accounts more than 70 days are considered old and have a 40% uncollectible rate.

1. If YOC has $17,300 of young accounts and $45,500 of old accounts, how much should be reported in the Allowance for Doubtful Accounts?

2. If YOC's Allowance for Doubtful Accounts currently has an unadjusted credit balance of $5,600, how much should be credited to the account?

3. If YOC's Allowance for Doubtful Accounts has an unadjusted debit balance of $740, how much should be credited to the account?

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