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. Age Group Not yet due 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Accounts Receivable $ 76,000 33,000 14,000 8,000 11,000 $142,000 Estimated Percent Uncollectible 5% 10% 20% 40% 80% Allowance for Uncollectible Accounts 1,400 Credit After reviewing the data, you note the 'not yet due' category is overstated by 20%, while the 'Over 90 days' category is understated by 20%, (this error also caused the AR balance on the schedule to not equal the amount of Accounts Receivable on the balance sheet). 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: 1. 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? X Answer is complete but not entirely correct. Accounts Receivable $ 142,000 X Allowance for Uncollectible Accounts $ 23,300 X 2. 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.) X Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 1 1 Bad Debt Expense 24,700 Allowance for Uncollectible Accounts 24,700 X