Determine the appropriate adjustments needed to account for Bad Debts. Be sure to show all work. It's the end of August, 2020 and you are trying to determine how to adjust the Bad Debt Expense at month end. Below is your sales information for the month of August, 2020: Cash Sales $100,000 Credit Sales $350,000 Total Sales $450,000 Below is the ledger account balances for A/R and AFDA before you've made any adjusting entries: Accounts Receivable $110,000 DR Allowance for Doubtful Accounts $1,000 DR Required: A) Prepare month end adjusting entry using the Income Statement Approach. Assume you estimate Bad Debts to equal 1.5% of credit sales for the month. B) Prepare month end adjusting entry using the Balance Sheet Approach. Assume you estimate the Allowance for Doubtful Accounts should be 5% of Accounts Receivable