At the end of Year 4, the unadjusted trial balance of Albert Company includes $1,500,000 of outstanding accounts receivable and an Allowance for Uncollectible Accounts of $14,900 (credit balance). Total sales for the year are $2,094,000 and 85% of the sales were on account. The company estimates that 2% of credit sales are uncollectible and no entries have been made during the year to reflect these uncollectibles. After making the appropriate adjusting journal entry at year-end, what is the balance to be reported on the balance sheet in the Allowance for Uncollectible Accounts

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan