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At December 31, 2018, before any year-end adjustments, the Accounts Receivable balance of Solar Power Manufacturing, Inc., is $360,000. The Allowance for Uncollectible Accounts has a(n) $22,900 credit balance. Solar Power Manufacturing prepares the following aging schedule for Accounts Receivable: E: (Click the icon to view the aging schedule.) Read the requirements. Data Table 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.) Age of Accounts Allowance for Uncollectible Accounts: Total Balance 1-30 Days 31-60 Days 61-90 Days Over 90 Days Credit balance needed $360,000 $140,000 $110,000 1-30 $70,000 5.0 % $40,000 50.0 % Estimated uncollectible 0.5 % 4.0 % 31-60 61-90 Print Done Over 90 Subtotal Less: Unadjusted balance Adjusting entry amount Requirements 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. 1. Based on the aging of Accounts Receivable, is the unadjusted balance of the allowance account adequate? Too high? Too low? 2. Make the entry required by the aging schedule. Prepare a T-account for the allowance. 3. Show how Solar Power Manufacturing will report Accounts Receivable on its December 31 balance sheet. First, make the entry required by the aging schedule. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Dec 31 Print Done At December 31, 2018, before any year-end adjustments, the Accounts Receivable balance of Solar Power Manufacturing, Inc., is $360,000. The Allowance for Uncollectible Accounts has a(n) $22,900 credit balance. Solar Power Manufacturing prepares the following aging schedule for Accounts Receivable: 5 Click the icon to view the aging schedule.) Read the requirements. 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 entries.) Journal Entry Date Accounts Debit Credit Dec 31 Now, prepare a T-account for the allowance. Allowance for Uncollectible Accounts Data Table Age of Accounts Total Balance 31-60 Days 61-90 Days Over 90 Days Requirement 3. Show how Solar Power Manufacturing will report Accounts Receivable on its December 31 balance sheet. 1-30 Days $140,000 $360,000 $110,000 $70,000 $40,000 First show the single line presentation. Estimated uncollectible 0.5 % 4.0 % 5.0 % 50.0 % Balance Sheet (Partial): Current assets: Print Done Requirements Now show the detail presentation. Balance Sheet (Partial): 1. Based on the aging of Accounts Receivable, is the unadjusted balance of the allowance account adequate? Too high? Too low? 2. Make the entry required by the aging schedule. Prepare a T-account for the allowance. 3. Show how Solar Power Manufacturing will report Accounts Receivable on its December 31 balance sheet. Less: Choose from any list or enter any number in the input fields and then continue to the next question. Print Done Save for Later