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Asphalt Company had the following information at year end prior to any adjustments: Accounts Receivable $242,560 Allowance for Doubtful Accounts $3,271 (credit balance) Sales $1,645,730

Asphalt Company had the following information at year end prior to any adjustments: Accounts Receivable $242,560 Allowance for Doubtful Accounts $3,271 (credit balance) Sales $1,645,730 Asphalt Company estimates that 3% of accounts receivables will be uncollectible. What amount should be in the adjusting journal entry for bad debts? (Round answers to the nearest whole dollar.)

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