Brief Exercise $7-14($Algo$)$ Uncollectible accounts; balance sheet approach $[$L$07-5,7-6]$

The following information relates to a company's accounts receivable: gross accounts receivable balance at the beginning

of the year, $$340,000$; allowance for uncollectible accounts at the beginning of the year, $$23,000($credit balance$)$; credit

sales during the year, $$1,150,000$; accounts receivable written off during the year, $$14,000$; cash collections from

customers, $$1,050,000.$ Assuming the company estimates that future bad debts will equal $11\%$ of the year$-$end balance in

accounts receivable.

Calculate bad debt expense for the year.

Calculate the year$-$end balance in the allowance for uncollectible accounts.