At December 31 of the current year, a company reported the following: - Total sales for the current year: $?0,000 includes $160,000 in cash sales. - Accounts receivable balance at Dec. 31, current year: $190,000- - Bad debts written off during the current year: $6,300. - Balance of Allowance for Doubtful Accounts at January 1, current year: $3,300. Prepare the necessary adjusting entries to record bad debts expense assuming this company's bad debts are estimated to equal 5% of accounts receivable