Richards Corp. has outstanding accounts receivable totaling $8 million as of December 31 and sales on...

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Richards Corp. has outstanding accounts receivable totaling $8 million as of December 31 and sales on credit during the year of $40 million. There is also a debit balance of $15,000 in the allowance for doubtful accounts. If the company estimates that 6% of its outstanding receivables will be uncollectable, what will be the balance in the allowance for doubtful accounts after the year-end adjustment to record bad debt expense? $480,000. $2,400,000. $395,000. $465,000. Richards Corp. has outstanding accounts receivable totaling $8 million as of December 31 and sales on credit during the year of $40 million. There is also a debit balance of $15,000 in the allowance for doubtful accounts. If the company estimates that 6% of its outstanding receivables will be uncollectable, what will be the balance in the allowance for doubtful accounts after the year-end adjustment to record bad debt expense? $480,000. $2,400,000. $395,000. $465,000.