IE 05-01 (Static) Using Excel to Adjust the Allowance for Uncollectible Accounts [LO 5-5] A company provides the following aging schedule for its accounts receivable on December 31, 20X1. Age Group Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Accounts Receivable $ 94,000 36,000 16,000 Ittffi 8,000 13,000 $167,000 Open Excel in new tab Estimated Percent Allowance for Uncollectible Accounts (credit balance) 4,100 Required: 1. Calculate the estimated amount of uncollectible accounts within each age group and the allowance for uncollectible accounts. 2. Prepare the year-end journal entry to adjust the allowance account, assuming that the balance of the Allowance for Uncollectible Accounts before adjustment is the amount shown in cell B10. 3. Calculate net accounts receivable reported on the balance sheet at year-end. Uncollectible 5% 10% 15% 30% 70% 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. 4

Nequired: IE 05-01 (Static) Using Excel to Adjust the Allowance for Uncollectible Accounts [LO 5-5] A company provides the following aging schedule for its accounts receivable on December 31,20x1 Allowance for Uncolectible Accounts (credit balance) 4.100 Required: 1. Calculate the estimated amount of uncollectible accounts within each age group and the allowance for unicollectible accounts 2. Prepare the year-end journal entry to adjust the allowance account, assuming that the balance of the Alowance for Uncolectible Accoints before adjustment is the amount shown in cell Bio 3. Calculate net accounts recetvable feported on the balance sheet at year-end 1. Use the Open Excel in New Tob button to launch this question. 2. When finished in Excel use the Save and Return to Assignment button in the lower right to return to Cannect. 27. 2. Prepare the rrar end journal entry to adjust the allowance account, assuming that the balance of the Alowance for Uncollectible Accounts before adfustment is the amount shown in cell siQ. (Use cells A2 to C12 from the civen information above to complete this question. 3. Calculate net actounts momable reported on the balance sheet at year end. (Whe cels 12 to C22 from the given inlormabion above to complete this quention. A credit balance in the Allowance account should be shown as a negative vabue]