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At December 31,2021, before any year-end adjustments, the Accounts Receivable balance of MJT Technology, Inc.,...

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Accounting

At December 31,2021, before any year-end adjustments, the Accounts Receivable balance of MJT Technology, Inc., is $320,000. The Allowance for Uncollectible Accounts has a(n) $20,300 credit balance. MJT Technology prepares the following aging schedule for Accounts Recelvable:
(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
1-30
31-60
61-90
Over 90
Subtotal
Less: Unadjusted balance
Adjusting entry amount
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