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Question 1 6 pts Exercise Company uses the percentage-of-sales method for recording bad debt expense. Credit sales for the month are $1,250,000. The accounts

Question 1 6 pts Exercise Company uses the percentage-of-sales method for recording bad debt expense. Credit sales for the month are $1,250,000. The accounts receivable balance is $565,000. Management estimates that 5% of credit sales will be uncollectible. The Allowance for Doubtful Accounts has a credit balance of $4,500 before adjustment. Prepare the adjusting entry to record bad debt expense.

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