Sheffield Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $601000 and credit sales are $2750000. Management estimates that 5% is the sales percentage to use. What adjusting entry will Sheffield Company make to record the bad debts expense? 137500 Bad Debt Expense Allowance for Doubtful Accounts 137500 30050 Bad Debt Expense Allowance for Doubtful Accounts 30050 Bad Debt Expense Accounts Receivable 137500 137500 30050 Bad Debt Expense Accounts Receivable 30050 Attempts: 0 of 1 used Submit