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Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts. 1. Accounts not yet due =$271,000;
Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts. 1. Accounts not yet due =$271,000; estimated uncollectible =15%. 2. Accounts 130 days past due =$33,900; estimated uncollectible =18%. 3. Accounts 31-90 days past due =$27,100; estimated uncollectible =21% 4. Accounts more than 90 days past due =$20,300; estimated uncollectible =25%. At 12/31/2024, before recording any adjustments, Zuo has a credit balance of $20,300 in its allowance for uncollectible accounts. Required: 1. Estimate the appropriate 12/31/2024 balance for Zuo's allowance for uncollectible accounts. 2. What journal entry should Zuo record to adjust its allowance for uncollectible accounts? 3. Calculate Zuo's 12/31/2024 net accounts receivable balance. Complete this question by entering your answers in the tabs below. Estimate the appropriate 12/31/2024 balance for Zuo's allowance for uncollectible accounts
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