16: (4 Points) Company C uses the Percentage of Sales method to calculate bad debt expense, At the end of the current year, the company's unadjusted trial balance reported the following selected amounts: Accounts Receivable 450,000 debit balance Allowance for Doubtful accounts 500 debit balance Net Sales 900,000 credit balance Bad Debt Expense 2,500 debit balance All sales are made on credit. Based on past experience, the company estimates 0.6% 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 AND what would be the balance of the Allowance for Doubtful accounts after the adjustment is made? You may omit the date, account numbers and descriptions in the journal entry. Adjusting Entry: Balance in Allowance for Doubtful Accounts