5. Mays Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $500,000 and credit sales are $2,000,000. Management estimates that 2% is the sales percentage to use. What adjusting entry will Mays Company make record the bad debts expense? a. Bad Debts Expense..... 50,000 Allowance for Doubtful Accounts....... 50,000 b. Bad Debts Expense...... 40,000 Allowance for Doubtful Accounts... 40,000 C. Bad Debts Expense......... 40,000 Accounts Receivable.. 40,000 d. Bad Debts Expense............. 50,000 Accounts Receivable.. 50,000 16, A-60-day note receivable dated March 13 has a maturity date of a. May 13, b. May 12. C. May 11. d. May 10