Instructions a. Prepare the entry for bad debt expense for the current year for each of the following scenarios: 1. The allowance should be 4% of gross accounts receivable. 2. Historical records show that, based on accounts receivable aging, the following percentages will not be collects 3. Allowance for Doubtful Accounts is $1,950, but it is a credit balance and the allowance should be 4% of gross a 4. Allowance for Doubtful Accounts is $1,950, but it is a credit balance and historical records show that the same b. From the perspective of an independent reviewer of Chloe's trial balance, comment on the unadjusted debit balane c. Assume Chloe reports under IFRS and has adopted IFRS 9. Should Chloe's approach to determ by this concept? would a percentage-of-sales approach be appropriate for determining the Allowance for Expected E7.10 (LO 5) (Bud Debts-Aging) Lenai Co, has the following account among its trade receivables