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Jones Company's unadjusted trial balance shows the following selected balances at 12/31/2022. Sales Revenue $500,000...

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Accounting

Jones Company's unadjusted trial balance shows the following selected balances at 12/31/2022. Sales Revenue $500,000 Accounts Receivable $120,000 Allowance for uncollectible accounts 6,000 (credit balance) Consider the following scenarios: Jones uses the aging method to estimate uncollectible accounts consistent with the CECL model. Based on aging, the company estimates that $20,000 will be uncollectible.

1. What will be the effect of recognizing the estimated uncollectible accounts on the balance sheet and income statement?

Balance sheet

A L SHE

Income statement:

Revenues Expenses NI

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