tishwa ALY MAT CN1 + Chapter 09 LO 1 and 2 Lesson Question 7 of 7 View Policies Current Attempt in Progress Cullumber Co. uses the percentage of receivables basis to record bad debt expense It estimates that 1% of accounts receivable will become uncollectible. Accounts receivable are $543.000 at the end of the year, and the allowance for doubtful accounts has a credit balance of 52,290 Prepare the adjusting journal entry to record bad debt expense for the year (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts If the allowance for doubtful accounts hat a debit balance of $990 instead of a credit balance of $2,290, determine the amount to be reported for bad debt expense. Bad Debts Expense $ DD FB 49 1 1 2 3 $ 4 5 6 7 8 9 del Q W E R T Y U 0 P [ S D F G H J K L Z X C V B N. M 1