Burnett Corporation had a 1/1/07 balance in the Allowance for Doubtful Accounts of $15,000.During 2007, it wrote off $10,800 of accounts and collected $3,150 on accounts previously written off.The balance in Accounts Receivable was $300,000 at 1/1 and $360,000 at 12/31.At 12/31/07, Burnett estimates that 5% of accounts receivable will prove to be uncollectible.What should Burnett report as its Allowance for Doubtful Accounts at 12/31/07?

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The Answer of Burnett Corporation had a 1/1/07 balance in the Allowance for Doubtful Accounts of $15,000.During 2007, it wrote off $10,800 of accounts and collected $3,150 on accounts previously written off.The balance in Accounts Receivable was $300,000 at 1/1 and $360,000 at 12/31.At 12/31/07, Burnett estimates that 5% of accounts receivable will prove to be uncollectible.What should Burnett report as its Allowance for Doubtful Accounts at 12/31/07?

Burnett Corporation Had a 1/1/07 Balance in the Allowance for Doubtful