Reference no: EM132895711
On December 31, 2020, Archie Corporation estimated its allowance for uncollectible accounts using the year-end aging of accounts receivable. The following information are available:
Allowance for uncollectible accounts, 1/1/20 - $56,000;
Provision for uncollectible accounts during 2020 (2% on credit sales of $2,000,000) - $40,000;
Uncollectible accounts written off, 11/30/20 - $46,000;
Estimated uncollectible account per aging, 12/31/20 - $69,000.
Problem 1: After the year-end adjustment, how much is the uncollectible accounts expense for 2020?
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