As of January 1, 2021, Barley Co. had a credit balance of $526,000 in its allowance for uncollectible accounts. Based on experience, 2% of Barley's gross accounts receivable have been uncollectible. During 2021, Barley wrote off $656,000 of accounts receivable. Barley's gross accounts receivable as December 31, 2021 is $18,300,000. In its December 31, 2021, balance sheet, what amount should Barley report as allowance for uncollectible accounts

$366,000

Explanation:

Barley is using the Allowance for Uncollectible accounts method.

The amount that will go to the Allowance for uncollectible accounts is;

= Percent of sales to be uncollected * Gross sales for the period

= 2% * 18,300,000

= $366,000

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the metropolitan museum of art. source: anton_ivanov / shutterstock.

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