content area top Part 1 RiverValley Transportation is a new business. During its first year of operations, credit sales were $ 62 comma 000 and collections of credit sales were $ 57 comma 600. One account, $ 350, was written off. Management uses the percent-of-sales method to account for bad debts expense and estimates 4% of credit sales to be uncollectible. Prepare the entry to record bad debts expense. Omit explanation