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Our company uses the percentage of sales method to estimate bad
debt expense for the year. Our allowance for bad debts account has
a credit balance of $1,000 prior to the adjusting entry for bad
debt expense. We have estimated that 2% of net credit sales will be
uncollectible for the current year. Net credit sales for the year
totaled $200,000. What will be the balance in allowance for bad
debts after the adjusting entry is recorded
Our company uses the percentage of receivables method to
estimate bad debt expense for the year. We had the following
account balances on our unadjusted trial balance at the end of the
year (December 31): accounts receivable, debit balance of $150,000;
allowance for bad debts, credit balance of $1,000. We estimate that
3.5% of accounts receivable at the end of the year are
uncollectible. What amount will be debited to bad debt expense when
we record the adjusting entry
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