XYZ Corp. uses the aging of receivables method when calculat…

XYZ Corp. uses the aging of receivables method when calculating the estimated uncollectable amount. Use the below facts to determine the required amount in allowance account for accounts receivables. Classifications by Due Date Balance in Category Estimated % Uncollectible Current $20,000 1% 31-60 Days $7,365 3% 61-90 Days $5,250 10% 90+ Days $1,375 20%   $33,990 34%