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Using the percent of sales method to determine the company's bad debts expense. At the...

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Accounting

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Using the percent of sales method to determine the company's bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts: All sales are made on credit. Based on past experience, the company estimates that 0.6% of net credit sales are uncollectible. What amount should be debited to Bad Debts Expense when the year-end adjusting entry is prepared? A company had total sales of $950,000, net sales of $924,400, and average accounts receivable of $122,000. Its accounts receivable turnover equals (round ratio to two decimal places, i.e. 2.745 would equal 2.75)

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