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Calculate the amount of uncollectible accounts expense

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Question - The Miller Company earned $123,000 of revenue on account during Year 2. There was no beginning balance in the accounts receivable and allowance accounts. During Year 2, Miller collected $82,000 of cash from its receivables accounts. The company estimates that it will be unable to collect 3% of its sales on account.

The amount of uncollectible accounts expense recognized on the Year 2 income statement was:

$2,460.

$3,690.

$41,000.

$1,230.

Reference no: EM131976529

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