On January 1,2018, 2018 Monty has a $1,100 credit balance in the allowance for doubtful accounts. During 2018, Monty has net credit sales of $250,000. On December 31 2018 Monty has a balance in accounts receivables of $100,000. Monty estimates that 3% of receivables will prove uncollectable. What is the adjusting journal entry that Monty should make based on this information? Dr. Bad debt expense 3,000 Credit Accounts Receivable 3,000 Debit Bad debt expense 1 ,900 Credit Allowance for doubtful accounts 1,900 Debit Bad debt expense 4,100 Credit Allowance for doubtful accounts 4,100 Debit Allowance for doubtful accounts 6,400 Credit bad debt expense 6,400 QUESTION 15 Prince Company purchased a machine and the following costs were incurred: Cash price $40,000 Sales taxes $2,600 Freight costs $50 Insurance during transit S150 Two year insurance coverage after the machine was placed in service S1,200 Testing of the machine $300 Prince should record the acquisition cost of the machine as: $44,300 $44,150 $43,050 S43,100