On the year end of October 31, 2020, Hainbow Appliances had the following account balances before adjustments for bad debt was made Net Credit Sales for the period $1,204,000 CR Accounts Receivable $782,000 DR AFDA $3,800 CR Do not enter dollar signs or commas in the input boxes a! Use the year-end balances reported on the balance sheet and the aging schedule shown below to calculate the allowance for doubtful accounts. Aging Category Bad Debt % Balance Estimated Bad Debt Less than 30 days 1% 8517,000 21-60 days 3.5% S138,000 61-90 days 14% $63,000 191-120 days 23% $40,000 Cver 120 days 48% $24,000 Total $782,000 Prepare the cumal entry to record bad debt expense for the year. Date Account Title and Explanation Debit Credit Oct 31 To record bad debt expense bi Assume instead that Rainbow Appliances used the income statement approach for estimating bad debt. If historical data indicates that approximately 2% of net credit sales are uncollectible, what amount is expected to be uncollectible? Uncoinctible amount: Using the information provided at the beginning of the question, what is the balance in the allowance for doubtful accounts after the adjustment using the income statement approach? Allowance for doulotful accounts