Esquire Company offers credit terms to its customers. At the end of 2021, accounts receivable totaled $705,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $48,000 at the beginning of 2021 and $29,000 in receivables were written off during the year as uncollectible. Also, $2,800 in cash was received in December from a customer whose account previously had been written off. The company estimates bad debts by applying a percentage of 10% to accounts receivable at the end of the year. What amount should Esquire charge to bad debt expense at the end of 2021 under balance sheet approach (percentage of A/R)?
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