Chapter 8 Homework Note: All homework assignments must be submitted through the Blackboard course site. Chapter 8 Question 1: (1 point) Johnson Company uses the sales method of accounting to estimate for uncollectible accounts. Abbott estimates that 10 % of all credit sales will be uncollectible. During the year Abbott had credit sales of $500,000.On December 31, prior to adjustments; the Allowance for Doubtful Accounts had a debit balance of $2,400. Required: What is the amount of bad debt expense that will be recorded as part of the adjusting entry? Omit $ signs