Rexbilt Company uses the allowance method of handling credit losses. It estimates losses at 3% of credit sales, which were $500,000 this year. At December him of this year, the Accounts Receivable balance is $80,000, and the Allowance for Doubtful Accounts has a 900 credit balance before adjustment. Required: a. (3 pts)Provide the adjusting entry to record bad debts expense for this year in the space below. b. (3 pts)Prepare the A/R section of 12/31's Balance Sheet. You will be graded on content and format. c. (4 pts) Assume that Rexbilt Company uses aged accounts receivable as a basis of estimating credit losses, instead of a percent of credit sales. If the firm estimates that $7,600 of the accounts will prove uncollectible, prepare the adjusting entry. 7