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Pharoah Company has a $164000 balance in Accounts Receivable and a $464 debit balance in Allowance for Doubtful Accounts at year end just prior to

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Pharoah Company has a $164000 balance in Accounts Receivable and a $464 debit balance in Allowance for Doubtful Accounts at year end just prior to recording adjusting entries. Credit sales for the period totaled $1075200. How much is the amount of the bad debt adjusting entry if Pharoah estimates that 1.5% of its receivables will be uncollectible? $2460 $2924 $16128 $1996

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