13 APPLICATION PROBLEM Estimating the balance of Allowance for Uncollectible Accounts by aging accounts receivable- allowance method; journalizing the adjusting entry The following information has been taken from the records of Rosetta Company as of December 31 of the current year. Application Prob Allowance for Uncoll 2,115.30. Customer Acorn & Karr Account Balance $623.74 Not Yet Due 1-30 31-60 $623.74 Days Account Balance Past Due 61-90 Over 90 Base Industries 723.22 $723.22 Wright Stores Yuji Co. Totals 612.67 1,723.33 $89,363.45 612.67 Percentages - 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% 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.