During the current year, Giatras Electronics recorded credit sales of $780,000. Based on prior experience, it estimates a 3.5 percent bad debt rate on credit sales. Required: 1. Prepare journal entries for each of the following transactions. a. On October 28 of the current year, an account receivable for $3,500 from a prior year was determined to be uncollectible and was written off. b. At year-end, the appropriate bad debt expense adjustment was recorded for the current year. 2. Complete the following table, indicating the amount and effect for each transaction. \begin{tabular}{l|l} Required 1 Required 2 & \end{tabular} Complete the following table, indicating the amount and effect for each transaction. (Indicate decreases with a minus sign.) \begin{tabular}{|c|c|c|c|} \hline Transaction & NetSales & GrossProfit & IncomefromOperations \\ \hline a & 3,500 & (27,300) & 752,700 \\ \hline b. & 780,000 & & \\ \hline \end{tabular}