At the end of the current year, the trial balance of Bianca's Exports included the accounts and balances shown below. Credit sales were $9,200,000. Returns and allowances on these sales were $55,000. Assume that the firm bases its estimate of the loss from uncollectible accounts on 4 percent of accounts receivable.

Accounts Receivable $ 1,300,000 Dr

Allowance for Doubtful Accnts 9,000 Cr

Sales 14,000,000 Cr

Sales Returns and Allowances 110,000Dr

1. What is the balance in the Allowance for Doubtful Accounts account after the adjusting entry for the estimated loss from uncollectible accounts is posted?

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