Bad debt expense is estimated using the percentage of accounts receivable method. Total sales for the year were $500,000. The ending balance in Accounts Receivable was $100,000. An examination of the outstanding accounts at the end of the year indicates that approximately 12% of these accounts will ultimately prove to be uncollectible. Before any adjustment, the balance in the Allowance for Bad Debts is $700 (credit). Total accounts written off as uncollectible during the year were $14,700. Make the necessary summary journal entries to record this bad debt-related information.