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Business, 09.10.2019 17:30 krystalhurst97

Revise your worksheet to reflect these updated assumptions then answer the questions that follow. you have been provided with the following aging report to use to adjust the allowance for uncollectible accounts for a company at year end. age group accounts receivable estimated percent uncollectible not yet due $ 78,000 5 % 1-30 days past due 34,000 10 % 31-60 days past due 16,000 20 % 61-90 days past due 10,000 40 % over 90 days past due 12,000 80 % $ 150,000 allowance for uncollectible accounts 1,500 credit after reviewing the data, you note the 'not yet due' category is overstated by 20%, while the 'over 90 days' category is understated by 20%, (this error also caused the ar balance on the schedule to not equal the amount of accounts receivable on the balance sheet). also, you note the balance in the allowance account is actually a debit, rather than a credit. being that the normal balance for this account is a credit, the accountant hadn't noticed the issue. required: 1. use your spreadsheet to recalculate the needed adjustment and account balances. what will be the balance in accounts receivable and the allowance for uncollectible accounts based on the above information?

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