At December 31, 2018, before any year-end adjustments, the Accounts Receivable balance of Solar Power Manufacturing, Inc., is $380,000. The Allowance for Uncollectible Accounts has a(n) $23,100 credit balance. Solar Power Manufacturing prepares the following aging schedule for Accounts Receivable: (Click the icon to view the aging schedule.) Read the requirements First, make the entry required by the aging schedule. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Debit Credit Date Data Table Dec 31 Age of Accounts Total Balance 61-90 Days Over 90 Days Now, prepare a T-account for the allowance 1-30 Days $150,000 31-60 Days $110,000 $380.000 $80.000 $40,000 50.0 % Allowance for Uncollectible Accounts Estimated uncollectible 0.3% 4.0 % 5.0 % Print to Done Requirement 3. Show how Solar Power Manufacturing will report Accounts Receivable on its December 31 balance sheet. First show the single line presentation. Requirements Balance Sheet (Partial): Current assets: Now show the detail presentation. 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 Solar Power Manufacturing will report Accounts Receivable on its December 31 balance sheet. Balance Sheet (Partial): Less: Print Done Choose from any list or enter any number in the input fields and then continue to the next question. At December 31, 2018, before any year-end adjustments, the Accounts Receivable balance of Solar Power Manufacturing, Inc., is $380,000. The Allowance for Uncollectible Accounts has a(n) $23,100 credit balance. Solar Power Manufacturing 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.) Data Table Allowance for Uncollectible Accounts: Credit balance needed 1-30 Age of Accounts 31-60 61-90 Total Balance 1-30 Days 31-60 Days 61-90 Days Over 90 Days $380,000 $150,000 $110.000 $80,000 $40,000 Over 90 Estimated uncollectible 0.3% 4.0 % 5.0 % 50.0 % Subtotal Less: Unadjusted balance Print Done Adjusting entry amount The current balance is The credit balance at December 31 in Allowance for Uncollectible Accounts should be $ $ Thus, the current balance of the allowance account is Requirements Requirement 2. Make the entry required by the aging schedule. Prepare a T-account for the allowance. First, make the entry required by the aging schedule. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit 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 Solar Power Manufacturing will report Accounts Receivable on its December 31 balance sheet. Dec 31 Print Done Choose from any list or enter any number in the input fields and then continue to the next