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A company uses the percent of...

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Accounting

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A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts: Accounts receivable Allowance for uncollectible accounts Net Sales $348,000 debit 670 debit 793,000 credit All sales are made on credit. Based on past experience, the company estimates o 5% of net credit sales to be uncollectible, what adjusting entry should the company make at the end of the current year to record its estimated bad debts expense? Multiple Choice Debit Bad Debts Expense $4,635, credit Allowance for Doubtful Accounts $4.635 Debit Bad Debts Expense $1,740, credt Allowance for Doubtful Accounts $1,740 Debit Bed Debts Expense $3,965. credit Allowance for Doubtful Accounts $3,965 Oebit Bad Debts Expense $2,410, credt Alowance for Doubtfut Accounts $2.410

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