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Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less...

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Accounting

Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 5% uncollectible rate. Accounts more than 60 days are considered old and have a 40% uncollectible rate.
Required:
If YOC has $100,000 of young accounts and $400,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts?
If YOCs Allowance for Doubtful Accounts currently has an unadjusted credit balance of $40,000, how much should be credited to the account?
If YOCs Allowance for Doubtful Accounts has an unadjusted debit balance of $5,000, how much should be credited to the account?

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