Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 2% of credit sales will be uncollectible. On January 1, the Allowance for Doubtful Accounts had a credit balance of $3,000. During the year, Abbott wrote-oft accounts receivable totaling $2,800 and made credit sales of $116,000. After the adjusting entry, the December 31 balance in Bad Debt Expense would be Select the correct answer $1,000 55,320 53.530 $2,330