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 $115,000 of young accounts and $350,000 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 $35,000, how much should be credited to the account? if yoc’s allowance for doubtful accounts has an unadjusted debit balance of $4,500, how much should be credited to the account?
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