At December $31,$ GIII Company reported accounts recelvable of $$298,000$ and an allowance for uncollectible accounts of $$700($credit$)$ before adjustment. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be $5\%$ of accounts receivable. The amount of the adjusting entry for uncollectible accounts would be:

Multiple Choice

$$700$

$$14,200$

$$14,110$

$$14,900.$