At the end of the current year, the trial balance of Daniels Furniture Store included the accounts and balances shown below. Credit sales were $180,000. Returns and allowances on these sales were $2,000. Assume that the firm bases its estimate of the loss from uncollectible accounts on 0.4 percent of net credit sales.

Accounts Receivable	$	36,000	Dr.
Allowance for Doubtful Accounts		1,000	Cr.
Sales		290,000	Cr.
Sales Returns and Allowances		4,000	Dr.

1. What is the estimated loss from uncollectible accounts for the current year?
2. What is the amount of the adjusting entry for the estimated loss from uncollectible accounts?