Knowledge Check 01 Cosmo Company reported credit sales of $345,000 during its first year of operations. At December 31, customers owed $35.000 to the company, Based on the experience of similar businesses, management estimates that $3,500 of its accounts receivable will be uncolfectible. Complete the necessary adjusting entry. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the amount for estimated bad debts. Note: Enter debits before credits