ACCT 2301-At the end of the current year, the trial balance of Kerry

At the end of the current year, the trial balance of Kerry Hardware included the accounts and balances shown below. Credit sales were $7,000,000. Returns and allowances on these sales were $55,000. Assume that the firm bases its estimate of the loss from uncollectible accounts on 0.4 percent of net credit sales. Accounts Receivable$650,000 Dr. Allowance for Doubtful Accounts4,500 Cr.1.What is the estimated loss from uncollectible accounts for the current year? Estimated loss$ 2.What is the amount of the adjusting entry for the estimated loss from uncollectible accounts? Amount of adjusting entry$