The schedule of accounts receivable by age, shown below, was prepared for the Lucero Company at the end of the firm's fiscal yearon December 31, 20X1:LUCERO COMPANYSchedule of Accounts Receivable by AgeDecember 31, 20x1Past Due-DaysAccountBalanceCurrent1-3031-60Over 60Adson, PaulAllen, AlfredAsh, JohnBae, JohnBarker, KelsieBentley, MaggieBlair, Herman(All other accts.)660.00 $620.00326.00660.00$ 510.00 $ 110.00326.00350.00106.00351.0078.00350.0031.00155.0075.00125.0071.0023.0038,790 5,304.00 1,764.00 1,151.0055.0047,009.00$49,500.00 $ 40,000.00 $6,000.00 $2,000.00 $1,500.00TotalsRequired:1. Compute the estimated uncollectible accounts at the end of the year using the following rates:2%4%Current1-30 days past due31-60 days past dueOver 60 days past due10%30%2. As of December 31, 20X1, there is a credit balance of $118 in Allowance for Doubtful Accounts. Compute the amount of theadjustment for uncollectible accounts expense that must be made as part of the adjusting entries.3. Prepare a journal entry to record the adjustment for the estimated losses. Use Uncollectible Accounts Expense and Allowance forDoubtful Accounts.4. On May 10, 20X2, the $326 account receivable of John Ash was recognized as uncollectible. Prepare a journal entry to record thistransaction.5. On June 12, 20X2, a check for $110 was received from Zeke Martin to apply to his account, which had been written off onNovember 8, 20X1, as uncollectible. Record the reversal of the previous write-off in the general journal. The cash obtained hasalready been entered in the cash receipts journal.6. Suppose that instead of aging the accounts receivable, the company estimated the uncollectible accounts to be 2.0 percent of thetotal accounts receivable on December 31, 20X1. Give the general journal entry to record the adjustment for estimated losses fromuncollectible accounts. Assume that Allowance for Doubtful Accounts has a credit balance of $118 before the adjusting entry.Analyze:What impact would the change in estimation method described in item 6 have on the net income for fiscal 20X1?Complete this question by entering your answers in the tabs below.Req 1Reg 2Reg 3Reg 4Req 5Reg 6AnalyzeCompute the estimated uncollectible accounts at the end of the year using the following rates:Over 60 days past due31-60 days past due1-30 days past dueCurrentTotal estimated uncollectible accounts$Req 1Req 2Req 3Req 4Req 5Req 6AnalyzeAs of December 31, 20X1, there is a credit balance of $118 in Allowance for Doubtful Accounts. Compute the amount ofthe adjustment for uncollectible accounts expense that must be made as part of the adjusting entries.Estimated uncollectible accountsLess: Credit balance in allowance for doubtful accountsAmount of adjustment for estimated uncollectible accountsReq 1Req 2Req 3Req 4Req 5Reg 6AnalyzePrepare a journal entry to record the adjustment for the estimated losses. Use Uncollectible Accounts Expense and Allowance forDoubtful Accounts.View transaction listView journal entry worksheetNoDateGeneral JournalDebitCreditDec 31No Transaction RecordedReg 1Req 2Reg 3Reg 4Reg 5Reg 6AnalyzeOn May 10, 20x2, the $326 account receivable of John Ash was recognized as uncollectible. Prepare a journal entry to record thistransaction.View transaction listJournal entry worksheet1Record entry to write off account determined to be uncollectible.Note: Enter debits before credits.DateGeneral JournalDebitCreditMay 10 Reg 1Reg 2Req 3Reg 4Reg 5Reg 6AnalyzeOn June 12, 20X2, a check for $110 was received from Zeke Martin to apply to his account, which had been written off on November 8,20X1, as uncollectible. Record the reversal of the previous write-off in the general journal. The cash obtained has already been enteredin the cash receipts journal.View transaction listJournal entry worksheet1Record the entry to reverse Nov. 8 entry, writing off account which wascollected in full today.Note: Enter debits before credits.DateGeneral JournalDebitCreditJun 12Req 1Req 2Req 3Req 4Req 5Req 6AnalyzeSuppose that instead of aging the accounts receivable, the company estimated the uncollectible accounts to be 2 percent of the totalaccounts receivable on December 31, 20X1. Give the general journal entry to record the adjustment for estimated losses fromuncollectible accounts. Assume that Allowance for Doubtful Accounts has a credit balance of $118 before the adjusting entry.View transaction listJournal entry worksheet1Record the adjustment for the estimated losses.Note: Enter debits before credits.DateGeneral JournalDebitCreditDec 31Req 1Req 2Req 3Reg 4Reg 5Req 6AnalyzeWhat impact would the change in estimation method described in item 6 have on the net income for fiscal 20X1?Net income would bebyThe following transactions occurred at BBS Company in 2022.1. The company purchased a new building for $258,000. A down payment of $43,000 was made. The balance is due in four equalannual installments (plus interest) beginning July 1, 2023.2. The company bought 1,000 shares of its own common stock for $13,000.3. The company purchased as an investment $42,000 par value of Ridge Company's 8 percent bonds, maturing in five years. Thepurchase price was $42,000.Required:Compute the company's net cash flow from investing activities. (Amounts to be deducted should be indicated with a minus sign.)Cash flows from investing activities

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The schedule of accounts receivable by age, shown below, was prepared for the Lucero Company at the end of the firm's fiscal yearon December 31, 20X1:LUCERO COMPANYSchedule of Accounts Receivable by AgeDecember 31, 20x1Past Due-DaysAccountBalanceCurrent1-3031-60Over 60Adson, PaulAllen, AlfredAsh, JohnBae, JohnBarker, KelsieBentley, MaggieBlair, Herman(All other accts.)660.00 $620.00326.00660.00$ 510.00 $ 110.00326.00350.00106.00351.0078.00350.0031.00155.0075.00125.0071.0023.0038,790 5,304.00 1,764.00 1,151.0055.0047,009.00$49,500.00 $ 40,000.00 $6,000.00 $2,000.00 $1,500.00TotalsRequired:1. Compute the estimated uncollectible accounts at the end of the year using the following rates:2%4%Current1-30 days past due31-60 days past dueOver 60 days past due10%30%2. As of December 31, 20X1, there is a credit balance of $118 in Allowance for Doubtful Accounts. Compute the amount of theadjustment for uncollectible accounts expense that must be made as part of the adjusting entries.3. Prepare a journal entry to record the adjustment for the estimated losses. Use Uncollectible Accounts Expense and Allowance forDoubtful Accounts.4. On May 10, 20X2, the $326 account receivable of John Ash was recognized as uncollectible. Prepare a journal entry to record thistransaction.5. On June 12, 20X2, a check for $110 was received from Zeke Martin to apply to his account, which had been written off onNovember 8, 20X1, as uncollectible. Record the reversal of the previous write-off in the general journal. The cash obtained hasalready been entered in the cash receipts journal.6. Suppose that instead of aging the accounts receivable, the company estimated the uncollectible accounts to be 2.0 percent of thetotal accounts receivable on December 31, 20X1. Give the general journal entry to record the adjustment for estimated losses fromuncollectible accounts. Assume that Allowance for Doubtful Accounts has a credit balance of $118 before the adjusting entry.Analyze:What impact would the change in estimation method described in item 6 have on the net income for fiscal 20X1?Complete this question by entering your answers in the tabs below.Req 1Reg 2Reg 3Reg 4Req 5Reg 6AnalyzeCompute the estimated uncollectible accounts at the end of the year using the following rates:Over 60 days past due31-60 days past due1-30 days past dueCurrentTotal estimated uncollectible accounts$< Reg 1Req 2 >Req 1Req 2Req 3Req 4Req 5Req 6AnalyzeAs of December 31, 20X1, there is a credit balance of $118 in Allowance for Doubtful Accounts. Compute the amount ofthe adjustment for uncollectible accounts expense that must be made as part of the adjusting entries.Estimated uncollectible accountsLess: Credit balance in allowance for doubtful accountsAmount of adjustment for estimated uncollectible accounts< Req 1Reg 3 >Req 1Req 2Req 3Req 4Req 5Reg 6AnalyzePrepare a journal entry to record the adjustment for the estimated losses. Use Uncollectible Accounts Expense and Allowance forDoubtful Accounts.View transaction listView journal entry worksheetNoDateGeneral JournalDebitCreditDec 31No Transaction Recorded< Req 2Req 4 >Reg 1Req 2Reg 3Reg 4Reg 5Reg 6AnalyzeOn May 10, 20x2, the $326 account receivable of John Ash was recognized as uncollectible. Prepare a journal entry to record thistransaction.View transaction listJournal entry worksheet1>Record entry to write off account determined to be uncollectible.Note: Enter debits before credits.DateGeneral JournalDebitCreditMay 10 Reg 1Reg 2Req 3Reg 4Reg 5Reg 6AnalyzeOn June 12, 20X2, a check for $110 was received from Zeke Martin to apply to his account, which had been written off on November 8,20X1, as uncollectible. Record the reversal of the previous write-off in the general journal. The cash obtained has already been enteredin the cash receipts journal.View transaction listJournal entry worksheet1>Record the entry to reverse Nov. 8 entry, writing off account which wascollected in full today.Note: Enter debits before credits.DateGeneral JournalDebitCreditJun 12Req 1Req 2Req 3Req 4Req 5Req 6AnalyzeSuppose that instead of aging the accounts receivable, the company estimated the uncollectible accounts to be 2 percent of the totalaccounts receivable on December 31, 20X1. Give the general journal entry to record the adjustment for estimated losses fromuncollectible accounts. Assume that Allowance for Doubtful Accounts has a credit balance of $118 before the adjusting entry.View transaction listJournal entry worksheet1>Record the adjustment for the estimated losses.Note: Enter debits before credits.DateGeneral JournalDebitCreditDec 31Req 1Req 2Req 3Reg 4Reg 5Req 6AnalyzeWhat impact would the change in estimation method described in item 6 have on the net income for fiscal 20X1?Net income would beby< Req 6Analyze >The following transactions occurred at BBS Company in 2022.1. The company purchased a new building for $258,000. A down payment of $43,000 was made. The balance is due in four equalannual installments (plus interest) beginning July 1, 2023.2. The company bought 1,000 shares of its own common stock for $13,000.3. The company purchased as an investment $42,000 par value of Ridge Company's 8 percent bonds, maturing in five years. Thepurchase price was $42,000.Required:Compute the company's net cash flow from investing activities. (Amounts to be deducted should be indicated with a minus sign.)Cash flows from investing activities

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