The following information is at the end of December: Credit Sales $650,000 Accounts Payable $40,000 Accounts Receivable $62,000 Allowance for Uncollectible Accounts $600 credit $250,000 Cash Sales The company uses the percent of receivables method and estimates it will not collect 7% of their accounts receivable. After the adjusting entry on December 31st (year end) determine the ending balance in the Allowance for uncollectible accounts: What is the amount of Bad debt expense recognized on the December 31st financial statements? Determine the Net Accounts Receivables shown on the December 31st financial statements: