35) Bad debt expense The following account balances were found for Jetson Corp. at the beginning of its fiscal year, January 1, 2020: Accounts Receivable $1,240,250 Allowance for Doubtful Accounts 19,220 Sales for the year were $8,100,000, of which 60% was on credit, and sales returns were $146,000. Cash collections, excluding recoveries, were $5,416,000. Jetson had also written off $62,500, of which half was later recovered and collected. The company's credit and collection manager has estimated that 6% of outstanding accounts receivable are uncollectible. Instructions Calculate the bad debt expense for the year and record the appropriate journal entry