QUESTION 19 The Munroe Company made $2,000,000 in credit sales during the year. Before the adjusting entries, the allowance for doubtful accounts has a normal balance of $4,300 and accounts receivable has a normal balance of $800,000. They estimate that 2 percent of credit sales are uncollectible. What is Munroe's bad debt expense? a. $35,700 b. $40,000 O c. $16,000 O d. 5760,000 QUESTION 20 Which of the following is not a component of the gross profit calculation? a. Allowance for doubtful accounts b. Sales returns and allowances O c. Cost of sales O d. Credit card discounts