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Question 2 of 3 -14 E Current Attempt in Progress Presented below is information related to the Accounts Receivable accounts of Culver Inc. during the current year 2020. 1. An aging schedule of the accounts receivable as of December 31, 2020, is as follows. % to Be Applied after Age Net Debit Balance Correction Is Made Under 60 days $171,300 1% 60-90 days 136,500 3% 91-120 days 39,300 6% $3,800 definitely uncollectible; Over 120 days 22,300 estimated remainder uncollectible is 25% $369,400 *The $3,000 write-off of recelvables is related to the 91-to-120 day category 2. The Accounts Receivable control account has a debit balance of $369,400 on December 31, 2020. 3. Two entries were made in the Bad Debt Expense account during the year: (1) a debit on December 31 for the amount credited to Allowance for Doubtful Accounts, and (2) a credit for $3,000 on November 3, 2020, and a deblt to Allowance for Doubtful Accounts because of a bankruptcy. 4. Allowance for Doubtful Accounts is as follows for 2020, Allowance for Doubtful Accounts Uncollectible accounts 3,000 Jan 1 Beginning balance written off Dec 31 5% of $369,400 9,400 Nov. 3 18.470 5. A credit balance exists in Accounts Receivable (60-90 days) of $4,400, which represents an advance on a sales contract. Assuming that the books have not been closed for 2020, make the necessary correcting entries (Round answers to decimal places eg. 5,275. If no entry is required, select "No Entry for the account titles and enter for the amounts Credit account titles are automatically Indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Dec. 31, stion 2 of 3 -14 JUUD Jan 1 written off 7.900 Degmunguarance 5% of $369,400 Dec 31 18,470 A credit balance exists in Accounts Receivable (60-90 days) of $4,400, which represents an advance on a sales contract. ssuming that the books have not been closed for 2020, make the necessary correcting entries. (Round answers to decimal places, g. 5,275. If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically endented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec 31, 2020 Debit Credit (To correct bad debt expense and write off accounts receivable) Dec 31, 2020 (To reclassify credit balance in accounts receivable) Dec. 31. 2020 (To write off uncollectible accounts) Dec. 31. 2020 (To reduce allowance for doubtful account balance) e Textbook and Media Attempts: 0 of 5 used List of Accounts

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