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Marigold Corp. uses the percentage-of-receivables method for recording bad debt expense. The Accounts Receivable balance is $220000 and credit sales are $880000. Management estimates that

Marigold Corp. uses the percentage-of-receivables method for recording bad debt expense. The Accounts Receivable balance is $220000 and credit sales are $880000. Management estimates that 5% of accounts receivable will be uncollectible. What adjusting entry will Marigold Corp. make if the Allowance for Doubtful Accounts has a credit balance of $2200 before adjustment?

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