Total Sales, $1000,000; Allowance for doubtful account $2,000 (credit balance). Experience indicates that 2% of sales turn out to be uncollectible. 80% of total sales were made on credit. Make the adjusting entry using the percentage of revenue method (show computation). Moreover, as you know that every adjusting entry is having two effects one of its shown in the income statement and another in the balance sheet so mention the amount of bad debt expense in the income statement, and determine the net book value of accounts receivable if gross value of receivables is $500,000