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What year end adjustment to allowance for doubtful accounts

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Question - The following are selected from the records of Tims Inc. for the year ended December 31, 2020:

Accounts receivable-Dec 31: $152,000

Allowance for doubtful accounts-Jan 1: $10,000 credit

A write-off of accounts receivable was recorded during the period of: $8,000

The company estimates 5% of accounts receivable at December 31, 2020 will be uncollectible in the future. What year end adjustment to Allowance for Doubtful Accounts is needed?

Reference no: EM133168884

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