the december 31 1998 balance sheet of thr peters company had accounts receivable of 500000 and a credit balance in allowance for doubtful accounts of 33000. during 1999 the following transactions occurred sales on account 1,400,000, sales returns and allowance 100,000 collections from customers 1250000 accounts written off 4000 were collected. journalize.

with the same info, if the company uses the percentage of receivables basis to estimate bad debt expense and determines that uncollectible accounts are expected 5% of accounts receivable what is the adjusting entry?