(E8-2) Refer to 8-1. Assume the company estimates bad debts using the percentage-of-sales approach. At year-end, the company estimates that 8% of credit sales will become uncollectible. a. Credit sales: $100,000 b. Collections on credit sales: $60,000 c. Write-offs of accounts deemed uncollectible: $4,000 d. Aging analysis of accounts deemed uncollectible at December 31, 2003, shows $8,000 of potentially uncollectible accounts. Required: a. Repeat requirements for parts (a) and (b) using the percentage-of-sales approach. Compute the following at year-end: 1. Net accounts receivable 2. Bad debt expense b. If the direct write-off approach were used, how would your entries be different?