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Problem - Aging Analysis of Accounts Receivable Cowen's, a large department store located in a metropolitan area, has been experiencing difficulty in estimating its bad debts. The company has decided to prepare an aging schedule for its outstanding accounts receivable and estimate bad debts by the due dates of its receivables. This analysis discloses the following information:
Balance
Age of Receivable
Estimated Percentage Uncollectible
$193,000
Under 30 days
0.8%
114,000
30-60 days
2.0%
73,000
61-120 days
5.0%
41,000
121-240 days
20.0%
25,000
241-360 days
35.0%
19,000
Over 360 days
60.0%
$465,000
1. Use the preceding analysis to compute the estimated amount of uncollectible receivables.
2. What is the net realizable value of Cowen's accounts receivable?
3. Prepare the journal entry to record Cowen's estimated uncollectibles, assuming the balance in Allowance for Doubtful Accounts prior to adjustment is:
a. 0
b. $3,000 (debit)
c. $2,800 (credit)
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