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Exercise 7-15 (Algo) Calculate uncollectible accounts using the aging method; record adjustments [LO7-5, 7-6] Zuo...

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Accounting

Exercise 7-15 (Algo) Calculate uncollectible accounts using the aging method; record adjustments [LO7-5, 7-6] Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts. Accounts not yet due = $271,000; estimated uncollectible = 15%. Accounts 130 days past due = $33,900; estimated uncollectible = 18%. Accounts 3190 days past due = $27,100; estimated uncollectible = 21% 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: Estimate the appropriate 12/31/2024 balance for Zuos allowance for uncollectible accounts. What journal entry should Zuo record to adjust its allowance for uncollectible accounts? Calculate Zuos 12/31/2024 net accounts receivable balance

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