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4. Pablo's Precision Parts distributes carbon fiber parts for customization of sports cars. The company...

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4. Pablo's Precision Parts distributes carbon fiber parts for customization of sports cars. The company has a broad customer base, and routinely sells on credit. Annually, the company reviews and updates its allowance for uncollectible accounts. Periodic write-offs against the allowance account are made throughout the year when individual accounts are deemed to be worthless. Prior to recording any year-end adjustments, the total balance of all accounts receivable amounted to $2,300,000. The existing Allowance for Uncollectible Accounts had a balance of $18,000 (credit). Pablo estimates that uncollectible will be 6%. Pablo uses the percentage of receivables method.(12 points) Based upon the above information 1. What is the ending balance in the allowance account? 2. What is net realizable value 3. Record the year end adjustment (if needed) GENERAL JOURNAL PAGE DATE POST. REF. DESCRIPTION DEBIT CRED

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