Credit Losses Based on Credit Sales Smith and Sons uses the allorar us credit losses. Il estimates credit losjes at Credit sales, which were $1,900,000 during the year he alloroance method of handling losses at 2 % of On December 31. the Accounts Receivable balance was $300,ooo, and the Allowance for Doubtful Accounts had a Credit balance of 621,400 before adjustment. @ Preporre the adjusting entry to record the credit losses for the year. 69 Show how Acuunts Receivable and the Alliance for Doubtful Accounts would appear in the December 31 balance sheet. Use Excel please