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QUESTION 3 2020 Net credit sales $200,000. Estimate of doubtful debts 2% of net credit sales Allowance account credit balance $2,500 before the estimate was made Gross Accounts receivable $60,000. Required: Prepare the adjusting entry to record bad debts expense for 2020 using the percentage of sales method. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B IV. Paragraph Arial 10pt DEE A 2 I Blocks E x X 8 TT 15 V v +] 6)