Bad Debt Expense and Allowance for Doubtful Accts Granite Company had credit sales of $500,000 for the year 2020. The allowance for Doubtful Accounts had a credit balance of $500 and the accounts receivable balance was $100.000 prior to preparing the Bad Debts entry for 2020. REQUIRED: Prepare the appropriate journal entry to record Bad Debts Expense, determine the balance in the Allowance for Doubtful Accounts at the end of the year and show the Balance Sheet presentation for Accounts Receivable at the end of the year based on the following unrelated assumptions. a. Bad Debts Expense for 2020: 1% of Credit Sales Date Account PR Debit Credit Determine the balance in the allowance for Doubtful Accounts on December 31", 2020. Balance Sheet Presentation: December 31, 2020 6% of your accounts receivable are uncollectible. Bate Account PR Debit Credit Determine the balance in the allowance for Doubtful Accounts on December 31, 2020. Balance Sheet Presentation: December 31, 2020