5 pints eBook Print Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts. 1. Accounts not yet due = $385,000; estimated uncollectible 10%. 2. Accounts 1-30 days past due $34,400; estimated uncollectible 9%. 3. Accounts 31-90 days past due $27,500; estimated uncollectible = 12% 4. Accounts more than 90 days past due $20,600; estimated uncollectible 16%. At 12/31/2024, before recording any adjustments, Zuo has a credit balance of $21,800 in its allowance for uncollectible accounts. Required: 1. Estimate the appropriate 12/31/2024 balance for Zuo's allowance for uncollectible accounts. References 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.
5 pints eBook Print Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts. 1. Accounts not yet due = $385,000; estimated uncollectible 10%. 2. Accounts 1-30 days past due $34,400; estimated uncollectible 9%. 3. Accounts 31-90 days past due $27,500; estimated uncollectible = 12% 4. Accounts more than 90 days past due $20,600; estimated uncollectible 16%. At 12/31/2024, before recording any adjustments, Zuo has a credit balance of $21,800 in its allowance for uncollectible accounts. Required: 1. Estimate the appropriate 12/31/2024 balance for Zuo's allowance for uncollectible accounts. References 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:5
pints
eBook
Print
Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible
accounts.
1. Accounts not yet due = $385,000; estimated uncollectible 10%.
2. Accounts 1-30 days past due
$34,400; estimated uncollectible 9%.
3. Accounts 31-90 days past due $27,500; estimated uncollectible = 12%
4. Accounts more than 90 days past due $20,600; estimated uncollectible 16%.
At 12/31/2024, before recording any adjustments, Zuo has a credit balance of $21,800 in its allowance for uncollectible accounts.
Required:
1. Estimate the appropriate 12/31/2024 balance for Zuo's allowance for uncollectible accounts.
References
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.
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