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.