Please answer the questions correctly. Thank you. The schedule of accounts receivable by age, shown below, was prepared for the Lucero Company at the end of the firm's fisçal yearon December 31, 20X1:LUCERO COMPANYSchedule of Accounts Receivable by AgeDecember 31, 20X1Past Due-Days31-60AccountBalanceCurrent1-30Over 60Adson, PaulAllen, AlfredAsh, JohnBae, JohnBarker, KelsieBentley, MaggieBlair, Herman(All other accts.)$.650.00 $650.00600.00$4500.00 $100.00316.00$4316.00360.00360.00104.0074.0030.00340.00120.00150.0070.0076.0054.0022.0049,754.0040,7964,320.002,776.001,862.00Totals$52, 200.00 $ 42,000.00 $5, 000.00 $3,000.00 $2,200.00Required:1. Compute the estimated uncollectible accounts at the end of the year using the following rates:Current3%5%1-30 days past due31-60 days past dueOver 60 days past due8%20% 2. As of December 31, 20X1, there is a credit balance of $108 in Allowance for Doubtful Accounts. Compute the amount of theadjustment 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 forDoubtful Accounts.4. On May 10, 20X2, the $316 account receivable of John Ash was recognized as uncollectible. Prepare a journal entry to record thistransaction.5. On June 12, 20X2, a check for $100 was received from Zeke Martin to apply to his account, which had been written off onNovember 8, 20X1, as uncollectible. Record the reversal of the previous write-off in the general journal. The cash obtained hasalready been entered in the cash receipts journal.6. Suppose that instead of aging the accounts receivable, the company estimated the uncollectible accounts to be 5.0 percent of thetotal accounts receivable on December 31, 20X1. Give the general journal entry to record the adjustment for estimated losses fromuncollectible accounts. Assume that Allowance for Doubtful Accounts has a credit balance of $108 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?Complete this question by entering your answers in the tabs below.Req 1Req 2Req 3Req 4Req 5Req 6AnalyzeCompute the estimated uncollectible accounts at the end of the year using the following rates:

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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 Account Balance Current 1-30 31-60 Over 60 Adson, Paul Allen, Alfred Ash, John Bae, John Barker, Kelsie Bentley, Maggie Blair, Herman (All other accts.) %$4 650.00 $ 650.00 600.00 %24 500.00 $ 100.00 316.00 316.00 360.00 360.00 104.00 74.00 30.00 340.00 120.00 150.00 70.00 76.00 54.00 22.00 49,754.00 40,796 4,320.00 2,776.00 1,862.00 Totals $52, 200.00 $ 42,000.00 $5,000.00 $3,00e.00 $2,200.00 Required: 1. Compute the estimated uncollectible accounts at the end of the year using the following rates: Current 3% 1-30 days past due 31-60 days past due Over 60 days past due 5% 8% 20%

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 Account Balance Current 1-30 31-60 Over 60 Adson, Paul Allen, Alfred Ash, John Bae, John Barker, Kelsie Bentley, Maggie Blair, Herman (All other accts.) %$4 650.00 $ 650.00 600.00 %24 500.00 $ 100.00 316.00 316.00 360.00 360.00 104.00 74.00 30.00 340.00 120.00 150.00 70.00 76.00 54.00 22.00 49,754.00 40,796 4,320.00 2,776.00 1,862.00 Totals $52, 200.00 $ 42,000.00 $5,000.00 $3,00e.00 $2,200.00 Required: 1. Compute the estimated uncollectible accounts at the end of the year using the following rates: Current 3% 1-30 days past due 31-60 days past due Over 60 days past due 5% 8% 20%

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section: Chapter Questions

Problem 1AP

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