A company used the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts:
Accounts receivable $241,000 debit
Allowance for uncollectible accounts 700 credit
Net Sales 880,000 credits
All sales are made on credit. Based on past experience, the company estimates 0.30% of credit sales to be uncollectible. What amount should be debited to Bad Debts Expense when the year-end adjusting entry is prepared?