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Young and Old Corporation (YOC) uses two aging categorles to estlmate uncollectible accounts. Accounts less than 60 days are considered young and have a 5%
Young and Old Corporation (YOC) uses two aging categorles to estlmate uncollectible accounts. Accounts less than 60 days are considered young and have a 5% uncollectible rate. Accounts more than 60 days are considered old and have a 40% uncollectible rate. Required: 1. If YOC has $106,000 of young accounts and $460,000 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 $46,000, how much should be credited to the account? 3. If YOC's Allowance for Doubtful Accounts has an unadjusted deblt balance of $5,600, how much should be credlted to the account
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