At December 31, 2016, before any year-end adjustments, the Accounts Receivable balance of MJT Technology, Inc., is $330,000. The Allowance for Doubtful Accounts has a(n) 519,200 credit balance. MJT Technology prepares the following aging schedule for Accounts Receivable: 5 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? Too high? Too low? 2. Make the entry required by the aging schedule. Prepare a T-account for the allowance. 3. Show how MJT Technology 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 II 31-60 Age of Accounts Total Balance $330,000 Estimated uncollectible 1-30 Days $130,000 0.4 % 31-60 Days $100,000 2.0 % 61-90 Days $70,000 Over 90 Days $30,000 60.0 % 5.0 %