Brief Exercise 7-11 (Static) Uncollectible accounts; adjusting the allowance, debit balance [LO7- 5, 7-6) At the end of the year, Syer Associates had a debit balance in its allowance for uncollectible accounts of $12,000 before adjustment. The balance in Syer's gross accounts receivable is $600,000. Syer's management estimates that 10% of its accounts receivable balance will not be collected. What journal entry should Syer record to adjust its allowance for uncollectible accounts? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 58,800 X Bad debt expense Allowance for uncollectible accounts 58,800 X