Question 1 (5 marks) PART 1: On March 31, Chakrabarti Company has outstanding accounts receivable totaling $105,000, a $7,250 credit balance in its Allowance for Doubtful Accounts (prior to any adjustments), and credit sales of $630,000. The company recognizes its bad debts using 1.8% of credit sales. REQUIRED: Prepare the adjusting entry for the expected bad debts as at March 31. (2 marks) Account Titles Debit Credit Date Mar 31, 2020 Space for calculations here