2 (10 points) At the end of the current year, Accounts Receivable has a balance of $700,000; Allowance for Doubtful Accounts has a credit balance of $5,500; and sales for the year total $35,000,000. Bad debt expense is estimated at .1% of net sales. (a) Journalize the adjusting entry for bad debt expense; Date (b) Determine the adjusted balances of: Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense Net Realizable value of accounts receivable. Debit Credit