Question 17 Jefferson uses the percent of sales method of estimating uncollectible expenses. Based on past history, 2% of sales are expected to be uncollectible. Sales for the current year are $5,550,000. The allowance for doubtful accounts balance is $10,00 credit. Which of the following is correct dollar amount for the adjusting entry? $121,000 $11,100. $111,000. 3 pts O $101,000

Jefferson uses the percent of sales method of estimating uncollectible expenses. Based on past history, 2% of sales are expected to be uncollectible. Sales for the current year are $5,550,000. The allowance for doubtful accounts balance is $10,00 credit. Which of the following is correct dollar amount for the adjusting entry? $121,000 $11,100. $111,000. $101,000