Monro Inc. uses the accrual method of accounting. Here is a reconciliation of Monro's allowance for bad debts for the current year. Beginning allowance for bad debts Actual write-offs of accounts receivable during the year Addition to allowance Ending allowance for bad debts $ 61,150 (88,888) 88,500 $ 69,650 Which of the following statements is true? Multiple Choice Bad debt expense per books is $88,500, and the deduction for bad debts is $80.000 5 Bad debt expense per books and the deduction for bad debts is $8.500 Bad debt expense per books is $80,000, and the deduction for bad debts is $88.500