At December 31, 2018, before any year-end adjustments, the Accounts Receivable balance of TM Manufacture, Inc., is $340,000. The Allowance for Uncollectible Accounts has a(n) $16,200 credit balance. TM Manufacture prepares the following aging schedule for Accounts Receivable: (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.) Requirements X Allowance for Uncollectible Accounts: Credit balance needed 1-30 31-60 61-90 Over 90 Subtotal Less: Unadjusted balance Adjusting entry amount 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 TM Manufacture will report Accounts Receivable on its December 31 balance sheet. Print Done i Data Table Age of Accounts 1-30 Days Total Balance $340,000 Estimated uncollectible 31-60 Days $100,000 2.0% $140,000 0.5% 61-90 Days $70,000 8.0 % Over 90 Days $30,000 40.0 %