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QUESTION 8 The following information relates to a company's accounts receivable. The accounts receivable at the beginning of the year is $400,000 The allowance for uncollectible accounts at the beginning of the year is $40,000 (credit balance). Credits sales for the year $2,000,000. Accounts written off during the year amounted to $15,000. Cash collected from customers was $1,800,000. The company estimates that future bad debts will equal 10% of the year-end balance in accounts receivable. Calculate the Bad Debt expense for the year and the balance in the Allowance for Uncollectable Accounts