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A company has the following balances on December 31, 2015, before any year-end adjustments: Accounts Receivable = $82,000; Allowance for Uncollectible Accounts = $1,100 (credit). The company estimates uncollectible accounts based on an aging of accounts receivable as shown below:
Age Group
Amount Receivable
Estimated Percent Uncollectible
Not yet due
$ 48,000
5 %
0 - 30 days past due
18,000
25 %
31 - 90 days past due
12,000
55 %
More than 90 days past due
4,000
80 %
Total
$ 82,000
Record the adjustment for uncollectible accounts on December 31, 2015.
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