Modem omce has 53.000.000 of credit sales for the year and $50,000 of outstanding accounts receivable and 51.000 balance of Arowance for Doubtl AccountAFDA on December 31 Modern Omce estimates that either 0 1% of credit sales or 3% of outstanding receivables will not be collectible and wants to set up an Allowance for Douto ACCOUDAFDA) How much is the bad debt expense for the year under the Percentage of Sales (income Statement) Approach? Answer How much is the bad debt expense for the year under the Percentage of Account Receivable (Balance Sheet) Approach? Answer Journalize the following: 1. adjustments needed for the AFDA using the balance sheet approach. 2. write off of an account receivable for $500 TO RECEIVE MARKS YOU MUST USE THE FOLLOWING FORMAT FOR JOURNALS