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At December 31 of the current year, a company reported the following: Total sales for...

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Accounting

At December 31 of the current year, a company reported the following: Total sales for the current year: $860000 includes $220,000 in cash sales Accounts receivable balance at Dec. 31, current year: $210,000 Balance of Allowance for Doubtful Accounts at Dec. 31, current year: $2,300 credit Prepare the necessary adjusting entries to record bad debts expense assuming this company's bad debts are estimated to equal

1. 2% of credit sales

2. 5% of accounts receivable.

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