At December 31, 2020, before any year-end adjustments, the Accounts Receivable balance of Argyle Clinic is $240,000. Allowance for Uncollectible Accounts has a credit balance of $6,951. Argyle prepares the following aging schedule for accounts receivable: (Click the icon to view the aging schedule.) Requirements 1. Based on the aging-of-receivables method, is the unadjusted balance of the allowance account adequate? Is it too high or too low? How does management determine what percentages to use for estimating uncollectible accounts? 2. Make the entry required by the aging schedule. Prepare a T-account for the allowance. 3. Show how Argyle will report Accounts Receivable on its December 31 balance sheet. Include the two accounts that come before receivables on the balance sheet, using assumed amounts Requirement 1. Based on the aging-of-receivables method, is the unadjusted balance of the allowance account adequate? Is it too high or too low? How does management determine what percentages to use for estimating uncollectible accounts? Before we can assess whether the current balance of the allowance account is adequate, we first have to calculate a revised allowance for uncollectible accounts amount. (Round your answers to the nearest whole dollar.) Allowance for uncollectible accounts: Credit balance needed 0-30 31-60 61-90 Over 90 Subtotal Less: Unadjusted balance Adjusting entry amount Complete the sentences below. (Round your answers to the nearest whole dollar.) The credit balance at December 31 in Allowance for Uncollectible Accounts should be $The current balance is $Thus, the current balance of the allowance account is Management uses their and with collections to amive at the percentages to use for estimating uncollectible accounts.