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

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 $ 86,000 38,000 24,000 18,000 16,000 $182,000 Estimated Percent Uncollectible 5 104 20 40% 80% Allowance for Uncollectible Accounts 1,900 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: 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? Accounts Receivablo Allowance for Uncollectible Accounts 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.) View transaction list Journal entry worksheet > Record the bad debt expense for the period based on the estimate of uncollectible accounts. Note: Enter debits before credits General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal