Follow-up for Q1 Submission The schedule of accounts receivable by age, shown below, was prepared for the Lucero Company at the end of the firm's fiscal year on December 31, 20X1: LUCERO COMPANY Schedule of Accounts Receivable by Age December 31, 20X1 Past Due-Days 31-60 Account 1-30 Balance 660.00 $ Current Over 60 Adson, Paul Allen, Alfred Ash, John $ 620.00 326.00 350.00 106.00 351.00 78.00 47,009.00 660.00 $ 510.00 $ 110.00 $ 326.00 Вае, John Barker, Kelsie Bentley, Maggie Blair, Herman (All other accts.) 350.00 75.00 125.00 31.00 155.00 71.00 55.00 23.00 38,790 5,304.00 1,764.00 1,151.00 Totals $49,500.00 $40,000.00 $6,000.00 $2,000.00 $1,500.00 2. As of December 31, 20X1, there is a credit balance of $118 in Allowance for Doubtful Accounts. Compute the amount of the adjustment for uncollectible accounts expense that must be made as part of the adjusting entries. 3. Prepare a journal entry to record the adjustment for the estimated losses. Use Uncollectible Accounts Expense and Allowance for Doubtful Accounts. 4. On May 10, 20X2, the $326 account receivable of John Ash was recognized as uncollectible. Prepare a journal entry to record this transaction. 5. On June 12, 20X2, a check for $110 was received from Zeke Martin to apply to his account, which had been written off on November 8, 20X1, as uncollectible. Record the reversal of the previous write-off in the general journal. The cash obtained has already been entered in the cash receipts journal. 6. Suppose that instead of aging the accounts receivable, the company estimated the uncollectible accounts to be 2.0 percent of the total accounts receivable on December 31, 20X1. Give the general journal entry to record the adjustment for estimated losses from uncollectible accounts. Assume that Allowance for Doubtful Accounts has a credit balance of $118 before the adjusting entry. Analyze: What impact would the change in estimation method described in item 6 have on the net income for fiscal 20X1? Remaining sub-part questions: Sub-Question 1 Req 1 Req 2 Reg 3 Req 4 Req 5 Req 6 Analyze On May 10, 20X2, the $326 account receivable of John Ash was recognized as uncollectible. Prepare a journal entry to record this transaction. No Date General Journal Debit Credit Sub-Question 2 Req 1 Req 2 Req 3 Req 4 Req 5 Reg 6 Analyze On June 12, 20X2, a check for $110 was received from Zeke Martin to apply to his account, which had been written off on November 8, 20X1, as uncollectible. Record the reversal of the previous write-off in the general journal. The cash obtained has already been entered in the cash receipts journal. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Jun 12 No Transaction Recorded Sub-Question 3 Suppose that instead of aging the accounts receivable, the company estimated the uncollectible accounts to be 2 percent of the total accounts receivable on December 31, 20X1. Give the general journal entry to record the adjustment for estimated losses from uncollectible accounts. Assume that Allowance for Doubtful Accounts has a credit balance of $118 before the adjusting entry. View transaction list Journal entry worksheet 1 > Record the adjustment for the estimated losses. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Sub-Question 4 Req 1 Req 2 Req 3 Req 4 Req 5 Req 6 Analyze What impact would the change in estimation method described in item 6 have on the net income for fiscal 20X1? Net income would be by