1. On 31 December 2019, information related to Anita Company is as follows: Accounts Receivable $200,000,000 Allowance for Doubtful Accounts (Credit) $5,000,000 Sales $750,000,000 Sales Return $50,000,000 If Anita Company uses allowance method for their uncollectible accounts: a) Prepare the adjusting entry if its Bad Debt Expense assumes to be 2% of net sales b) Prepare the adjusting entry if its Bad Debt Expense assumes to be 8% of Account Receivable c) Prepare the adjusting entry if its Bad Debt Expense assumption is based on age of accounts uncollectible (shown below) Age of Accounts Uncollectible Amount Estimated Percentage $50,000,000 2% $30,000.000 5% 1 - 30 days 31-60 days 61 - 90 days Over 90 days $70.000.000 $50.000.000 10% 12%