Wright Products lCompany was founded in early 2010. Wright offers credit terms (net 30 days] to all of its customers. As Wright has been required to writeoff several customer accounts, TLil-Fright uses the allowance method to provide for uncollectible receivabies. During 2016, Wright provided for uncollectible accounts receivable with a monthly provision of 1% of credit sales. However, at yearend, an aging of accounts receivable is prepared and the allowance for uncollectible accounts is adjusted based on an analysis of the aging. At December 31, 2017, the adjusted balance of the allowance for uncollectible accounts was $21,500, and the balance of accounts receivable was $156,500. During 2013, Wright wroteoff $19,000 of customer accounts that were deemed to be uncollectible, due to customers declaring bankruptcy or experiencing financial difculties so severe that extensive collection efforts were not successful. One customer's account with a $2,500 balance, which had been writtenoff in June 2016, was subsequently collected from the customer in April 2013. Wright maintained the same monthly provision of 1% of credit sales throughout 2018. Monthly sales for 2013 are as follows: January 5 43,500 February 56,000 March 62,600 April 49,200 May 53,800 June 46,500 July 72,400 August 57,400 September 81,000 October 65,800 November 49,200 December 62,600 Total cash collections of accounts receivable during 2013 (not including the collection of the previously writtenoff account) were $667,500