Uncollectible accounts expense is estimated at ¼ of 1% of net sales of $4,000,000 for the year. The current balance in Allowance for Doubtful Accounts is $300 credit. Determine the following:
a) The uncollectible accounts expense for the year.
b) The adjusting entry to be made on December 31.
c) The balance in Allowance for Doubtful Accounts after adjustment.