Exercise 7-12 (Algo) Uncollectible accounts; allowance method estimating bad debts as percentage of net sales vs. direct write-off method [LO7-5, 7-6] Ervin Company uses the allowance method to account for uncollectible accounts recelvable. Bad debt expense is estabilshed as a percentage of credit sales. For 2021, net credit sales totaled $5,600,000, and the estimated bad debt percentage is 1.70=2. No previously written-off accounts recelvable were reinstated during 2021. The allowance for uncollectible accounts had a credit balince of $53,000 at the beginning of 2021 and $45,500, after adjusting entries, at the end of 2021 , Required: 1. What is bad debt expense for 2021 as a percent of net credit sales? 2. Assume Ervin makes no other adjustment of bad debt expense during 2021. Determine the amount of accounts recelvable written off during 2021 . 3. If the company uses the direct write-off method, what would bad debt expense be for 2021