Each member of a team is to participate in estimating uncollectibles using the aging schedule and percents shown in Problem 7-3A. The division of labor is up to the team. Your goal is to accurately complete this task as soon as possible. After estimating uncollectibles, check your estimate with the instructor. If the estimate is correct, the team then should prepare the adjusting entry and the presentation of accounts receivable (net) for the December 31, 2018, balance sheet.

In Problem 7-3A

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December 31, 2018, Accounts Receivable Expected Percent Uncollectible Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due $830,000 254,000 86,000 38.000 12,000 1.25% 2.00 6.50 32.75 68.00