Brief Exercise $5-23($Algo$)$ Determine financial statement effects of allowing for uncollectible accounts

$($LO$5-3)$

At the end of the first year of operations, Mayberry Advertising had accounts receivable of $$23,000.$ Management of the company

estimates that $10\%$ of the accounts will not be collected.

Determine the financial statement effects of the adjusting entry to allow for uncollectible accounts. $($Amounts to be deducted should

be entered with minus sign.$)$