Exercise 4 (amount in million) The December 31, 2015 balance sheet of Jekor Company had Ascounts Receivable of ID 500,000 and a credit balance in Allowance for Doubtfol Accounts of ID 33,000. During 2016, the following transactions occurred: sales oo. account ID1,600,000; sales returns and allowances, DD0,000; collectiens from customers, ID1, 400,000; accounts written off ID 35,000; previously written off iccounts of ID 5,000 were collected. Instructions (a) Journalize the 2016 transactions (b) If the company uses the percentage of sales basis to estimate (bad debts expense and anticipates 2% of net sales to be uncollectible, what is the adjusting entry at December 31,2016 ? (c) If the company uses the percentage of receivables basis to estimate bad debts tipense and determines that uncollectible accounts are expected to be 4% of accounts receivable, what is the adjusting entry at December 31,2016 ? (d) Which basis weuld produce a higher net income for 2016 and by how much