3) As of 1 January 20X1, Company had a credit balance of $5,000 in its allowance for doubtful accounts. During the year, Company made sales of $300,000. On 31 December 20X1, Company had accounts receivable of $60,000. a) Prepare adjusting entries, assuming bad debts are estimated to be: I) 3% of sales, II) 10% of accounts receivable. b) Refer to a) II). What would the accounts receivable section of the balance sheet look like