Tech Corporation gathered the following information from its accounting records for the year ended December 31, 2020, prior to adjustment:

Accounts Receivable (Dec. 31, 2020) $300,000 (debit balance)

Allowance for Uncollectible Accounts, prior to adjustment

(Dec. 31, 2020) $9,000 (credit balance)

Aging information at years-end

0 to 30 days - $100,000 @ 2%

30 to 60 days - $80,000 @ 4%

60 to 90 days - $80,000 @ 10%

Over 90 days - $40,000 @ 50%

Tech Corporation uses the aging method of determining the bad debts and estimates bad debts at the year end.

Required:

a. Prepare the adjusting entry on December 31, 2020.

b. Determine the balance in the Allowance for Uncollectible Accounts account after the adjusting entry is recorded.

c. Show how the receivables would be reported on the December 31, 2020 financial statements for Tech Corporation.