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Question 32 Table 4 Given the following information at the end of the year: Accounts receivable. December 31 Is 54.000 Allowance for doubtful accounts 300 debit Net credit sales 160,000 Clemmons believes that 496 of net credit sales will result in uncollectible accounts If the income Statement Method (of Sales) is used to account for uncollectible accounts, what is the amount of bad debt experse recognized for the current year and what is the balance in the allowance for doubtful accounts after the adjusting entry is made? Bad Debt Expense Allowance for Doubtful Accounts $6,400 $6.700 $6,400 $4,700 $6.400 56,100 $6,700 $6.100