Sheffield Company uses the percentage of receivables method for recording bad debt expense. The accounts receivable balance is $601000 and credit sales are $2750000. Management estimates that 5% of accounts receivable will be uncollectible. What adjusting entry will Sheffield Company make to record bad debt expense if the Allowance for Doubtful Accounts has a $5200 credit balance before adjustment? 24850 24850 24850 24850 Bad Debt Expense Allowance for Doubtful Accounts Bad Debt Expense Accounts Receivable Bad Debt Expense Accounts Receivable O Bad Debt Expense Allowance for Doubtful Accounts 30050 30050 30050 30050