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Record the following transactions indicating account type ( A= asset, CA= contra-asset, L= liability, R= revenue, E= expense), direction (+ for increase, - for decrease), accounts titles, and dollar amounts debited and credited. Example: Watson Company sold $80,000 of merchandise on account (note that debit is first and credit is indented). Transaction 1: Watson Company wrote off $7,000 owed by a customer as a bad debt. Transaction 2: At the end of the year, Watson Company had a balance of $45,000 in Accounts Receivable. The firm estimates that bad debts will be 5% of that balance. In addition, there is currently a credit balance of $900 in Allowance for Doubtful Accounts (AFDA). Record the adjusting entry for bad debts