I NEED TO COMPLETE THE GENERAL JOURNAL AND THE NEXT LEVEL(ATTACHED)

Instructions Chart of Accounts General Journal Next Level Instructions Bradford Company's accounting records on December 31, 2019, provide the following information (prior to adjustment): Cash sales $ 93,100 Net credit sales 253,600 Total sales (net) $346,700 Accounts receivable 126,300 Allowance for doubtful accounts 2,450 (credit) Required: 1. Prepare the journal entries to record the estimate of Bradford's bad debt expense for 2019 assuming: A. Bad debts are estimated to be 2% of net credit sales. B. Bad debts are estimated to be 5% of gross accounts receivable. 2. Next Level Discuss the advantages and disadvantages of the balance sheet and income statement approaches to estimating bad debt. instructions Next Level 2. Discuss the advantages and disadvantages of the balance sheet and income statement approaches to estimating bad debt. The main advantage of the income statement approach is that it is relatively straightforward. However, since this approach does not consider the it could result in accounts receivable balances that are not properly valued at their net realizable value. The main advantage of the balance sheet approach is that it gives the best valuation of accounts receivable (at its net realizable value). However, it does not do as good a job with