At December 31 of the current year, a company reported the following: Total credit sales for the current year: $1,250,000 Accounts receivable balance at December 31 of the current year: $480,000. Balance of Allowance for Doubtful Accounts credit balance at December 31: $18,200. Prepare the necessary adjusting entry to record bad debt expense assuming this company's bad debts are estimated to equal 1.5% of credit sales. 7 A. B I V - I 1 z = = Date Account & Explanation Debit Credit Dec 31