At December 31 , 2021, before any year-end adjustments, the Accounts Receivable balance of Digital Electronics, Inc., is $350,000. The Allowance for Uncollectible Accounts has a(n) $24,700 credit balance. Digital Electronics prepares the following aging schedule for Accounts Receivable: (Click the icon to view the aging schedule.) Read the tequirementis. 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.) Allowance for Uncollectible Accounts: Get more help - At December 31, 2021, before any year-end adjustments, the Accounts Receivable balance of Digital Electronics , Inc. is $3 The Allowance for Uncollectible Accounts has a(n) $24,700 credit balance. Digital Electronics prepares the following aging for Accounts Receivable: III (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 Digital Electronics will report Accounts Receivable on its December 31 balance sheet. At December 31 , 2021, before any year-end adjustments, the Accounts Receivable balance of Digital Electronics, Inc., is $350,000. The Allowance for Uncollectible Accounts has a(n) $24,700 credit balance. Digital Electronics prepares the following aging schedule for Accounts Receivable: (Click the icon to view the aging schedule.) Read the tequirementis. 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.) Allowance for Uncollectible Accounts: Get more help - At December 31, 2021, before any year-end adjustments, the Accounts Receivable balance of Digital Electronics , Inc. is $3 The Allowance for Uncollectible Accounts has a(n) $24,700 credit balance. Digital Electronics prepares the following aging for Accounts Receivable: III (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 Digital Electronics will report Accounts Receivable on its December 31 balance sheet
