8. At the completion of the current fiscal year ending December 31, the balance of Accounts Receivable for CertaPro Painters was $20,500. Credit sales for the year were $650,000 Required: Make the necessary adjusting entry (December 31, 20XX) in general journal form under each of the following assumptions. 1.Allowance for Bad Debts has a credit balance of $960. a. The percentage of sales method is used, and bad debt expense is estimated to be 1.0% of credit sales. b. The percentage of receivables method is used and an analysis of the accounts produces an estimate of $1,380 in uncollectible accounts. GENERAL JOURNAL Page 1 Post Date Description Ref. Debit Credit 9. Last year, the Tilden Co, had credit sales in the amount of $470,000, and it had uncollectible accounts in the amount of $4,700. Based on last year, what would the percent of estimated uncollectible accounts be this year? a. 10% b. 4% c. 1% d. 4.7%