Revise your worksheet to reflect these updated assumptions then answer the questions that follow.

You have been provided with the following Aging Report to use to adjust the Allowance for Uncollectible Accounts for a company at

year end.

Allowance for Uncollectible Accounts $,2,300$ Credit

After reviewing the data, you note the "not yet due" category is overstated and needs to decrease by $20\%.$ Also, the "Over $90$ days"

category is understated and needs to increase by $20\%.$

Also, you note the balance in the Allowance account is actually a debit, rather than a credit. Being that the normal balance for this

account is a credit, the accountant hadn't noticed the issue.

Required:

Use your spreadsheet to recalculate the needed adjustment and account balances. What will be the balance in Accounts

Receivable and the Allowance for Uncollectible Accounts based on the above information?

Accounts Receivable

Allowance for Uncollectible Accounts

Prepare the journal entry to adjust the Allowance for Uncollectible Accounts, using your corrected data. $($If no entry is required for

a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$