Kolker Company uses the percent-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to $ 150 comma 000, and management estimates 4% will be uncollectible. Kolker Company's balance of Allowance for Uncollectible Accounts after adjustments, was $ 4 comma 000. The following year, Kolker Company wrote off $ 3 comma 000 of old receivables as uncollectible. What is the balance in the Allowance account now?

$7,000

Explanation:

The previous balance of the allowance for uncollectible accounts was $4,000, then $3,000 were written off, so the new balance = $4,000 - $3,000 = $1,000

if current sales are estimated at $150,000 and 4% will be uncollectible, then you should add $150,000 x 4% = $6,000 to the allowance for uncollectible accounts.

The current account balance should be $1,000 + $6,000 = $7,000

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