preparos the following aging schodito for accounts recenvatie Ifif (Click the icon to view the aging schedule) Requirements uncolectiolo accounts? 2. Make the entry fequeved by the aging schedile. Prepare a f account for the allowance Requirement 1. Based on the ageg of recevables method, is the unadusted balance of the allowance account adequate? is it too high or too low? How does management determine what pe for estamalung uncolloctole accounts? whole dollar.) Allowance for uncollectible accounts: Complete the sentences below (Round your answers to the nearest whole doltar). The ciedi balance at December 31 in Mlowance for Uncolloctible Mccounts should be 5 The curreat balance is 3 Thus, the current balance of the allowance account is Management uses their and Wth colbctons to arive at the percentages to use for estimating uncolectible accounts Requirement 2. Make the entry required by the aging schedule. Prepare a T-account for the allowance. (Record de First, prepare the journal entry using the adjusting entry amount we calculated in the first step. Now, prepare the T-account for Allowance for Uncollectible Accounts, (Leave any unused cells blank.) There are two generally accepted methods to present receivables on the balance sheet. The first method reports the allowance allowance for the uncollectible accounts amount. Then calculate the net accounts receivable amount.) Aging schedule