Prior to recording the recovery and collection of a $400 account receivable previously written off an prior to recording the adjusting entry for bad debt expense for the year, the general ledger reflected the following information Sales Sales Discounts Accounts Receivable, December 31 Sales Returns & Allowances Allowance for Doubtful Accounts s 649,380 (credit) 15,820 (debit) 260,000 (debit) 8,560 (debit) 500 (credit) Required: Prepare the adjusting entry for bad debt expense using the income statement approach assuming the amount of the bad debt expense is based on 1.6% of net sales a. Prepare the adjusting entry for bad debt expense using the balance sheet approach assuming the amount of bad debt expense is based on 23% of the ending accounts receivable b. a. Bad debt expense adjusting entry using the income statement approach b. Bad debt expense adjusting entry using the balance sheet approach