On January 1, 2021, Allowance for Doubtful Accounts had a credit balance of $2,500. On December 31, 2021, the company had accounts receivable in total of $70,000. Experience indicates that 4% of total accounts receivable will become uncollectible. Under the percentage of receivables approach, the adjusting journal entry to be recorded on December 31, 2021 would be: Debit: Bad debt expense $2,800 Bad debt expense $2,800 Credit: