Jackson Company uses the allowance method to account for bad debts. During 20D, a customer became bankrupt and a receivable of $5,000 was deemed uncollectible. What is the entry to record the uncollectible amount? 
Definitions:
Exercise Price
The predetermined price at which the holder of an option can buy (for a call option) or sell (for a put option) the underlying asset.
Call Options
Call options are financial contracts that give the option buyer the right, but not the obligation, to buy a specified quantity of an asset at a predetermined price within a set time frame.
Risk-Free Rate
The theoretical rate of return of an investment with zero risk, typically represented by the yield on government securities such as Treasury bills.
Striking Price
The predetermined price at which the holder of an option contract can buy (call) or sell (put) the underlying asset.
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