Refer to the following selected financial information from McCormik, LLC. Compute the company's accounts receivable turnover for Year 2. Year 2 Year 1 Cash $ 39,800 $ 33,750 Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets Accounts payable Net sales Cost of goods sold 105,000 67,500 93,000 87,000 128,500 132,500 13,600 11,200 395,500 345,500 105,900 115,300 718,500 683,500 397,500 382,500 10 0 0 0 On December 31 of the current year, the unadjusted trial balance of a company using the percent of receivables method to estimate bad debt included the following: Accounts Receivable, debit balance of $97.600; Allowance for Doubtful Accounts, credit balance of $1,001. What amount should be debited to Bad Debts Expense, assuming 5% of outstanding accounts receivable at the end of the current year are estimated to be uncollectible? Multiple Choice A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts: Accounts receivable Allowance for uncollectible accounts Net Sales $346,000 debit 690 debit 791,000 credit All sales are made on credit. Based on past experience, the company estimates that 0.3% of net credit sales are uncollectible. What amount should be debited to Bad Debts Expense when the year-end adjusting entry is prepared? 0 $3,063 0 0 0 $1,683 C