Jefferson uses the percent of method of estimating uncollectible expense. Based on past history, 2% of credit sales are expected t be uncollectible. Sales for the current year are $5,550,000. Which of the following is correct?
a. Bad deb expenses is estimated to be $11,100.
b. Uncollectible accounts are estimated to be $55,500.
c. Uncollectible accounts are estimated to be $111,000.
d. Bad debt expense is estiated to be $5,550
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