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

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

$$350,000$; allowance for uncollectible accounts at the beginning of the year, $$24,000($credit balance$)$; credit sales during the year,

$$1,200,000$; accounts receivable written off during the year, $$15,000$; cash collections from customers, $$1,100,000.$ Assuming the

company estimates that future bad debts will equal $12\%$ 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.