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The following aging information pertains to Jacobsen Co.'s accounts receivable at December 31, 2021:
Days Outstanding Amount Estimated % Uncollectible
0-30 $430,000 1%
31-60 150,000 3%
61-120 110,000 8%
Over 120 130,000 15%
Question 1: During 2021, Jacobsen wrote off $19,000 in receivables and recovered $7,000 that had been written off in prior years. Jacobsen's December 31, 2020, allowance for uncollectible accounts was $45,000. Using the balance sheet approach, what amount of allowance for uncollectible accounts should Jacobsen report at December 31, 2021?
Multiple Choice
Option 1: $44,100.
Option 2: $27,800.
Option 3: $37,100.
Option 4: $18,100.
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