Based on the following information calculate the bad debt expense and show the journal entry. Using a T-account,
show the balance in the Allowance for Bad Debts.
	Net Credit Sales $800,000
	Balance in Allowance Account - CR of $200 (before adjusting entry)
	Balance in Accounts Receivable - DR of $8,000
	If the company uses Aging-of-Receivables Method, it estimates bad debt at the following:
						Customer Name	# day past due	Amount Due
		1-30 days	1%			Smith	20 days	$2,000.00
		31-50 days	2%			Bailey	120 days	$1,000.00
		61-90 days	3%			Adams	40 days	$4,500.00
		Over 90 days	75%			Jones	68 days	$500.00