At December $31,2021,$ before any year$-$end adjustments, the Accounts Receivable balance of MJT Technology, Inc., is $$320,000.$ The Allowance for Uncollectible Accounts has a$($n$)$ $$20,300$ credit balance. MJT Technology prepares the following aging schedule for Accounts Recelvable:

$($Click the icon to view the aging schedule.$)$

Read the requirements.

Requirement $1.$ Based on the aging of Accounts Receivable, is the unadjusted balance of the allowance account adequate? Too high? Too low?

First, calculate a revised allowance for uncollectible accounts amount and the adjusting entry amount. $($Round to the nearest dollar.$)$

Allowance for Uncollectible Accounts:

Credit balance needed

$1-30$

$31-60$

$61-90$

Over $90$

Subtotal

Less: Unadjusted balance

Adjusting entry amount