X Company has the following accounting balances at the end of the year before adjustments: Accounts receivable Allowance for uncollectible accounts Net sales Bad debts expense $ 50,000 (1.000) 150,000 The company estimates that 2% of net sales will be uncollectible. After the correct adjusting entry has been made, which of the following is correct about Bad debts expense for the year and Allowance for uncollectible accounts at the end of the year? Multiple Choice Bad debts expense will be $2,000 on the income statement and Allowance for uncollectible accounts will be $(3.000) on the balance sheet 0 Bad debts expense will be $3,000 on the income statement and Allowance for uncollectible accounts will be $12.000) on the balance sheet 0 Bad debts expense will be $3.000 on the income statement and Allowance for uncollectible accounts will be $(4,000) on the balance sheet. 0 Bad debts expense will be $1000 on the income statement and Allowance for uncollectible accounts will be $12.000) on the balance sheet