Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts. Accounts not yet due = $385,000; estimated uncollectible = 15%. Accounts 1–30 days past due = $48,200; estimated un
Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts.
Accounts not yet due = $385,000; estimated uncollectible = 15%.
Accounts 1–30 days past due = $48,200; estimated uncollectible = 18%.
Accounts 31–90 days past due = $38,500; estimated uncollectible = 22%
Accounts more than 90 days past due = $28,800; estimated uncollectible = 25%.
At 12/31/2021, before recording any adjustments, Zuo has a credit balance of $25,300 in its allowance for uncollectible accounts.
Required:
1. Estimate the appropriate 12/31/2021 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 12/31/2021 net accounts receivable balance.
Homework Answers
Req 1)
| 385,000*15%= | 57,750 |
| 48,200*18%= | 8,676 |
| 38,500*22%= | 8,470 |
| 28,800*25%= | 7,200 |
balance in allowance for uncollectible accounts(answer) | 82,096 |
Req 2)
82,096-25,300= 56,796
dr. bad debt expense 56,769
cr. allowance for uncollectible accounts 56,769
Req 3)
385,000+48,200+38,500+28,800= 500,500
500,500- 82,096= 418,404 net accounts receivable balance (answer)
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