Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less...
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Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 6% uncollectible rate. Accounts more than 60 days are considered old and have a 45% uncollectible rate. If YOC has $120,000 of young accounts and $300,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? If YOC's Allowance for Doubtful Accounts currently has an unadjusted credit balance of $30,000. How much should be credited to the account? If YOC's Allowance for Doubtful Accounts has an unadjusted debit balance of $4,000, how much should be credited to the account
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