Bad Debt Expense XYZ Corp financial statements revealed the following financial information for 2008 for 2008 related to sales. Cost of goods sold $125,000, Accounts Receivable $225,000 and Sales $300,000. Please complete the following: Estimate the Bad Debt Expense using the percent of sales method (historically bad debts e on average 4% of sales). Please list the journal entry assuming the allowance method is used. Estimate the Bad Debt Expense using the percent of accounts receivable method (historical 1 % bad debts have been on average 1 % of accounts receivable) Please list the journal entry assuming the allowance method is used. Assume that $4.000 of the bad debt for the year are written off (list the journal entry under the allowance method) Assume that $5.000 of the amount written off has been recovered. re-establish the account then record the payment Utilizing the percentage of sales method write off the bad debt using the direct write-off method