Remaining Time: 36 minutes, 04 seconds. Question Completion Status: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 2 Question 18 Assume that for the month of January 2017 net credit sales are $200,000. At the end of January 2017, gross Accounts Receivable is $105,000. T schedule of its gross accounts receivable defaulting. January 2017 is the first month of business for the company. The company estimates the fc Gross Accounts Receivable Estimated Default Rate 1% Days Outstanding 30 days or less outstanding 30-60 days outstanding 60-90 days outstanding Over 90 days outstanding 3% $70,000 $10,000 $10,000 $5,000 10% What adjusting entry is made on January 31, 2017 to account for bad debts expense? a-2,000 Assets (+Allowance for Doubtful Accounts), +2,000 Liabilities -2,000 Assets (+Allowance for Doubtful Accounts). -2,000 Stockholder's Equity (+Bad Debts Expense) b. c. 2,000 Assets (+Allowance for Doubtful Accounts). -2,000 Stockholder's Equity (+Bad Debts Expense) +2,000 Assets (Allowance for Doubtful Accounts), +2,000 Stockholder's Equity (+Bad Debts Expense) d. > Moving to another question will save this response. MacBook Pro