EX5 At December 31 of the current year, a company reported the following: Total sales for the current year: $780,000 includes $ 160,000 in cash sales Accounts receivable balance at Dec. 31, end of current year: $ 190,000 Allowance for Doubtful Accounts balance at January 1, beginning of current year: $8, 300 Bad debts written off during the current year: $6, 800 Bad bedts exp Prepare the necessary adjusting entries to record bad debts expense assuring this company's bad debts are estimated to equal (a) 1. 5% of credit sales.) (b) 5% of accounts receivable total Sales = 78000 Cridet