At December 31, 2014, before any year-end adjustments, the Accounts Receivable balance of Foley Distribution Service is $340,000. The Allowance for Doubtful Accounts has a $16,500 credit balance. Foley Distribution Service prepares the following aging schedule for Accounts Receivable: (Click the icon to view the aging schedule.) Requirements 1. Based on the aging of Accounts Receivable, is the unadjusted balance of the allowance account adequate? 2. Make the entry required by the aging schedule. 3. Show how Foley Distribution Service will report Accounts Receivable on its December 31 balance sheet. Requirement 1. Based on the aging of Accounts Receivable, is the unadjusted balance of the allowance account adequate? Too high? Too low? Before we can assess whether the current balance of the allowance account is adequate, we first have to calculate a revised allowance for doubtful accounts amount. (Round to the nearest dollar.) Allowance for Doubtful Accounts: Credit balance needed 1-30 Choose from any list or enter any number in the input fields and then continue to the next question. ? Type here to search 91% 12:32 PM 3/18/2021 99+ 20 X Data Table rt RI Age of Accounts Total Balance el 130 Days 31-60 Days 61-90 Days Round to Over 90 Days $30,000 $140,000 $100,000 $70,000 $340,000 Estimated uncollectible 0.5 % 3.0 % 7.0 % 40.0 % Print Done