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the schedule of accounts receivable by age shown below was prepared for the Lucero company at the end of the firms fiscal year and December 31, 2019

1. compute the estimated uncollectible accounts at the end of the year using the following rates current 2% one through 30 days past due 4% 31 through 60 days past due 10% over 60 days past due 30%

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, 2019: Account Adson, Paul Allen, Alfred Ash, John Bao, John Barker, Kelsie Bentley, Maggie Blair, Herman (All other accts.) Totals LUCERO COMPANY Schedule of Accounts Receivable by Age December 31, 2019 Past Due-Days Balance Current 1-30 31-60 Over 60 820.00 $ 820.00 940.00 $ 670.00 $ 270.00 486.00 $ 486.00 230.00 230.00 138.00 01.00 47.00 527.00 205.00 235.00 87.00 110.00 71.00 39.00 47,849.00 38,654 6,048,00 1,072.00 1.175.00 $ 51,100.00 $ 40,000.00 $ 7,000.00 $2,400.00 $1,700.00 1. Compute the estimated uncollectible accounts at the end of the year using the following rates: 2% Current 1-30 days past due 31-60 days past due Over 60 days past due 10% 30% 2. As of December 31, 2019, there is a credit balance of $278 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, 2020, the S486 account receivable of John Ash was recognized as uncollectible. Prepare a journal entry to record this transaction. 5. On June 12, 2020, a check for $270 was received from Zeke Martin to apply to his account, which had been written off on November 8, 2019, 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, 2019. 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 $278 before the adjusting entry Analyze: What impact would the change in estimation method described in instruction 6 have on the net income for fiscal 2019? Analyze: What impact would the change in estimation method described in instruction 6 have on the net ir Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Req3 Reg 4 Req 5 Reg 6 Analyze Compute the estimated uncollectible accounts at the end of the year using the following rates: Over 60 days past due 31-60 days past due 1-30 days past due Current Total estimated uncollectible accounts Req 2 > What impact would the change in estimation method described in instruction 6 have on the net ir Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Reg 3 Req 4 Reg 5 Reg 6 Analyze As of December 31, 2019, there is a credit balance of $278 in Allowance for Doubtful Accounts. of the adjustment for uncollectible accounts expense that must be made as part of the adjustin Estimated uncollectible accounts Amount of adjustment for estimated uncollectible accounts Reg 1 Req 2 Reg 3 Real4 Req 5 Req 6 Analyze On May 10, 2020, the $486 account receivable of John Ash was recognized as uncollectible. Prepare a journal this transaction. View transaction list Journal entry worksheet Record entry to write off account determined to be uncollectible. Notei Enter debits before credits Date General Journal Debit Credit May 10, 2020 Ke 1 RE Keys reu o On June 12, 2020, a check for $270 was received from Zeke Martin to apply to his account, which had been we November 8, 2019, as uncollectible. Record the reversal of the previous write-off in the general journal. The ca already been entered in the cash receipts journal. View transaction list Journal entry worksheet Record the entry to reverse Nov 8 entry, writing off account which was collected in full today. Note: Enter debits before credits. General Journal Debit Credit Date Jun 12, 2020 Req 1 Reg 2 Req3 Req 4 Req5 Req 6 Analyze Suppose that instead of aging the accounts receivable, the company estimated the uncollectible account total accounts receivable on December 31, 2019. Give the general journal entry to record the adjustment from uncollectible accounts. Assume that Allowance for Doubtful Accounts has a credit balance of $278 be entry. View transaction list Journal entry worksheet Record the adjustment for the estimated losses. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 2020 Analyze: What impact would the change in estimation method described in instruction 6 have on the net Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Reg 4 Req 5 Reg 6 Analyze What impact would the change in estimation method described in part 6 have on the net incom Net income would be

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