At December 31,2014, BITCO reported the following: Balance of the Allowance for Doubtful Accounts at January 1,2014, the beginning of the year was $8,300. Total sales for the year ended December 31,2014: $780,000, includes $160,000 in cash sales. Bad debts written off during the year 2014: $6,800. Prepare the necessary adjusting journal entries to record the bad debt expense assuming BITCO's bad debts are estimated based on the following two INDEPENDENT scenarios: 1.5% of credit sales 5% of accounts receivable