MGS Company reports the following for its 2023 operations: Sales Revenue: Cash Sales Credit Sales Accounts Receivable $1,200,000 300,000 150,000 Allowance for Doubtful Accounts 3,000 Debit Prepare the adjusting entry to record bad debts expense: a. Assuming uncollectibles are estimated to be 5% of credit sales Debit: Bad Debts Expense $ b. Assuming uncollectibles are estimated to be 5% of accounts receivable $ Credit: Allowance for Doubtful Accounts $ $