3- The trial balance before adjustment of XYZ Company reports the following balances: (2.5 points) ir. Accounts reccivable Allowancc for doubtful accounts Sales all on credit) Sales returns and allowances $100,000 s 2,500 750,000 40,000 Instructions Pass the journal entries for estimated bad debts assuming that doubtful debts accounts are estimated to be (1) 6% of gross accounts receivable and (2) 1% of net sales