Robert owns a large tract of land. After an adequate study of all the relevant facts, he legally divides the land into 30 lots suitable for the construction of residences; adds utilities, curbs, and gutters; and paves the streets. Robert is

On december 31 of the current year, the unadjusted trial balance of a company using the percent of receivables method to estimate bad debt included the following: accounts receivable, debit balance of $97,900; allowance for doubtful accounts, credit balance of $1,031. what amount should be debited to bad debts expense, assuming 6% of outstanding accounts receivable at the end of the current year are estimated to be uncollectible?