Question 9 Not yet answered Marked out of 5.00 Flag question At December 31 of the current year, a company reported the following: Total credit sales for the current year: $3,400,000 Accounts receivable balance at December 31 of the current year: $960,000. Balance of Allowance for Doubtful Accounts credit balance at December 31: $15,000. Prepare the necessary adjusting entry to record bad debt expense assuming this company's bad debts are estimated to equal 5% of accounts receivable. A BIU I Date Account & Explanation Debit Credit