(Click the icon to view the aging schedule) Read the requirements. Requirement 1. 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 130 3160 6190 Over 90 Subtotal Less: Unadjusted balance Adjusting entry amount The credit balance at December 31 in Allowance for Uncollectible Accounts should be . The current balance is . Thus, the current balance of the allowance account is Requirement 2. Make the entry required by the aging schedule. Prepare a T-account for the allowance. First, make the entry required by the aging schedule. (Record debits first, then credits. Exclude explanations from any journal ent Journal Entry \begin{tabular}{|c|c|c|c|} \hline Date & Accounts & Debit & Credit \\ \hline \multicolumn{4}{|l|}{ Dec 31} \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Now, prepare a T-account for the allowance. \begin{tabular}{|l|l|l|} \hline \multicolumn{4}{|c|}{ Allowance for Uncollectible Accounts } \\ \hline \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Requirement 3. Show how Alpha will reportAccounts Receivable on its December 31 balance sheet. First show the single line presentation. Balance Sheet (Partial): Current assets: Now show the detail presentation. Balance Sheet (Partial): Requirements 1. Based on the aging of Accounts Receivable, is the unadjusted balance of the allowance account adequate? Too high? Too low? 2. Wake the entry required by the aging schedule. Prepare a T-account for the allowance. 3. Show how Alpha will report Accounts Receivable on its December 31 balance sheet. Done