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Assume that Simple Company had credit sales of $260,000 and cost of goods sold of $155,000 for the perlod. It estimates that f percent of credit sales in uncollectible accounts when it uses the percentage of credit sales method and it estimates that the appropriate ending balance in the Allowance for Doubtful Accounts is $3.400 when it uses the aging method Before the end-ofperlod adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $300. Required: 1. Prepare the journal entry to record the end-of-period adjustment for bad debts under the (a) percentage of credit sales miethod and (b) aging of accounts recelvable method. 2. Which of these methods is required by GAAP? Complete this question by entering your answers in the tabs below. Prepare the journal entry to record the end-of-period adjustment for bad debts under the (a) parcentage of credit wales method and (b) aging of accounts receivable method. (II no entry is required for a transection/event, select -No lournal Eniby Required" in the (list account field.) Journal entry worksheet Record the end-of -period odjustment for bad dobts under the percentage of credit sales method Journal entry worksheet 2 Record the end-of-period adjustment for bad debts under the percentage of credit sales method. Note: Futer debits before credits. Assume that Simple Compary had credit sales of $260,000 and cost of goods sold of $155,000 for the period. it estimates that 1 percent of credit sales in uncollectble accounts when it uses the percentage of credit sales method and it estimates that the appropriate ending balance in the Allowance for Doubtful Accounts is $3,400 when it uses the aging method. Before the eod-of period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $300 Required: 1. Prepare the journal entry to record the end-of-period adjustment for bad debts under the (d) percentage of crecit sales method and (b) aging of accounts recelvable method 2. Which of these methods is required by GAAP? Complete this question by entering your answers in the tabs below. Which of these methods is required by GAAP