Kraft Foods Inc. is the second-largest food company in the world. Assume the company recently reported the following amounts in its unadjusted trial balance (in millions) as of December 31, 2017: Credits Debits $5,680 Accounts Receivable Allowance for Doubtful Accounts Sales (assume all on credit) $ 135 45,450 Required: 1. Assume Kraft uses 1 of 1 percent of sales to estimate its Bad debt expense for the year. Prepare the adjusting journal entry required for the year, assuming no Bad debt expense has been recorded yet. (If no entry is required for a transaction/event, select "Nojournal entry required" in the first account field. Enter your answers in millions rounded to the nearest whole dollar number.) View transaction list Journal entry worksheet Record the Bad debts expenses. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal 2. Assume instead that Kraft uses the aging of accounts receivable method and estimates that $315 million of its Accounts Receivable will be uncollectable. Prepare the adjusting journal entry required at December 31, 2017, for recording Bad Debt Expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions.) View transaction list Journal entry worksheet Record the Bad debts expenses. Note: Enter debits before credits. Transaction General Journal Debit Credit 1. Record entry Clear entry View general journal