The following information has been taken from the records of Rosetta Company as of December 31 of the current year.

Instructions:

1. Calculate the estimated balance of Allowance for Uncollectible Accounts.

2. Journalize the adjusting entry for uncollectible accounts expense on December 31 of the current year. Use page 12 of a general journal. The balance of Allowance for Uncollectible Accounts on December 31 before adjusting entries are recorded is \($589.63.\)

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Customer Acorn & Karr Base Industries Wright Stores Vui Co Totals Percentages Account Balance Not Yet Due 1-30 $ 623.74 723.22 $ 723.22 Days Account Balance Past Due 31-60 $ 623.74 61-90 Over 90 612.67 1,723.33 $89,363.45 1,048.99 $44,434.51 0.2% $ 674.34 $25,623.64 0.5% $10,535.20 1.0% $5,235.40 $3,534.70 5.0% 60.0%