1Requirement 1. Based on the aging of Accounts Receivable, is the unadjusted balance of the...
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Requirement Based on the aging of Accounts Receivable, is the unadjusted balance of the allowance account adequate? Too high? Too low?First, calculate a revised allowance for uncollectible accounts amount and the adjusting entry amount. Round to the nearest dollar. Allowance for Uncollectible Accounts:Credit balance needed $Over Subtotal$Less: Unadjusted balanceAdjusting entry amount$ Part The credit balance at December in Allowance for Uncollectible Accounts should be The current balance is Thus, the current balance of the allowance account is
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