Creek Company uses the percentage of credit sales method in determining its bad debt expense. The following information comes from the accounting records of Creek Company: Cash sales Credit sales Total sales Credit balance in the Allowance for Doubtful Accounts Bad debt loss rate What is the estimated bad debt expense? $ 270,000 730,000 1,000,000 8,000 3% Multiple Choice $29,900 $21,900 $30,000 Libre, Incorporated has experienced bad debt losses of 5% of credit sales in prior periods. At the end of the year, the balance of Accounts Receivable is $111,000 and the Allowance for Doubtful Accounts has an unadjusted credit balance of $1,050. Net credit sales during the year were $172,000. Using the percentage of credit sales method, what is the estimated Bad Debt Expense for the year? Multiple Choice $9,100 $8,600 $8,100 $5,550