22. Baking Company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is $470,000 and credit sales are $1,500,000. An aging of accounts receivable shows that approximately 8% of the outstanding receivables will be uncollectible. What adjusting entry will Baking Company make if the Allowance for Doubtful Accounts has a debit balance of $4,000 before adjustment? 120,000 120,000 37,600 37,600 a. Bad Debt Expense Allowance for Doubtful Accounts b. Bad Debt Expense Allowance for Doubtful Accounts c. Bad Debt Expense Allowance for Doubtful Accounts d. Bad Debt Expense Allowance for Doubtful Accounts 33,600 33,600 41,600 41,600