Deuce Company uses the allowance method to estimate losses from uncollectible receivables. Net sales for the year are $120,000, and the company estimates its bad debts as 1 percent of net sales. If there is already a $1,200 debit balance in Allowance for Bad Debts, how much should be recorded as Bad Debt Expense? None of the other answer choices are correct $2,400 $1,200 $0 $24,000