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A Company uses the Percent of Sales Method to estimate Bad Debt Expense. At period...

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Accounting

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A Company uses the Percent of Sales Method to estimate Bad Debt Expense. At period end, credit sales were $800,000, Accounts Receivable were $375,000, and the balance in Allowance for Doubtful Accounts was a $500 Debit. The Company estimates . 06% of credit sales will be uncollectable. What Journal Entry should the Company make at period end to record estimated Bad Debt Expense? Debit Allowance for Doubtful Accounts $4,800 and Credit Accounts Receivable $4,800. Debit Bad Debt Expense \$2,250 and Credit Allowance for Doubtful Accounts \$2,250. Debit Bad Debt Expense $5,300 and Credit Allowance for Doubtful Accounts $5,300. Debit Bad Debt Expense $4,800 and Credit Allowance for Doubtful Accounts $4,800

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