To estimate the years bad debts, the El Gaucho Restaurant simply applies 2% to the amount of net credit sales for the year. The latter amounted to $700,000 for the year. The journal entry for the bad debt would be:

None of these

Uncollectible Accounts Expense	$14,000
Allowance for Bad Debts		$14,000

Allowance for Bad Debts	$14,000
Uncollectible Accounts Expense		$14,000

Uncollectible Accounts Expense	$14,000
Accounts receivable		$14,000