Haven Company uses the percentage of receivables method for recording bad debt expense. The accounts receivable balance is $600,000 and credit sales are $2,700,000. Management estimates that 4% of accounts receivable will be uncollectible. What adjusting entry will Haven Company make to record bad debt expense if the Allowance for Doubtful Accounts has a $5,000 credit balance before adjustment? 
Definitions:
Jawless Fish
Fish species that belong to the superclass Agnatha, which lack true jaws, including lampreys and hagfish.
Lamprey
A jawless fish known for its funnel-like sucking mouth, some species of which are parasitic and attach to other fish.
Gelatinous Covering
A thick, jelly-like substance that coats or surrounds certain cells or organisms, often serving protective or structural functions.
Internal Fertilization
A reproductive process in animals where sperm fertilizes an egg inside the body.
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