Exercise 2: The following are the selected balances which have been taken from the unadjusted trial balance of a tradins comnanv for the vesir ended Des. 31. 2000 : requirea: a. Record and close bad debt expense for the year ended Dec. 31,2020 assuming that allowance for bad debt was estimated @ 5% of Accounts Receivable. b. Record and close bad debt expense for the year ended Dec. 31, 2020 assuming that bad debt expense was estimated @1\% of net credit sales