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Which is correct for jefferson

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Problem 1: Jefferson uses the percent of method of estimating uncollectible expenses. Based on past history, 2% of credit sales are expected to be uncollectible. Sales for the current year are $5,550,000.? Which of the following is correct?

Option 1: ??Uncollectible accounts are estimated to be $55,500.

Option 2: Uncollectible accounts are estimated to be $111,000.

Option 3: ?Bad debt expense is estimated to be $5,550.

Option 4: ?Bad debt expense is estimated to be $11,100.

Reference no: EM132959052

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