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How much should be reported in the allowance

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Question - Young and Old Corporation (YOC) uses two aging categories to estimate uncollectable accounts. Accounts less than 60 days are considered young and have a 10% uncollectable rate. Accounts more than 60 days are considered old and have a 45% uncollectable rate.

Required -

1. If YOC has $177,000 of young accounts and $455,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts?

2. If YOC's Allowance for Doubtful Accounts currently has an unadjusted credit balance of $35,000, how much should be credited to the account?

3. If YOC's Allowance for Doubtful Accounts has an unadjusted debit balance of $13,250, how much should be credited to the account?

Reference no: EM132558646

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