Skysong, Inc. uses the percentage-of-receivables basis to record bad debt expense and concludes that 1% of accounts receivable will become uncollectible. Accounts receivable are $ 479,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $3,010. Chart of Accounts Assets Liabilities Stockholders' Equity Cash Accounts Payable Common Stock Accounts Receivable Unearned Revenue Retained Earnings Allowance for Doubtful Interest Payable Sales Revenue Accounts Inventory Taxes Payable Sales Returns and Allowances Supplies Notes Payable Sales Discounts Prepaid Insurance Cost of Goods Sold Equipment Bad Debt Expense Building Advertising Expense Land Insurance Expense Accumulated Depreciation Wages and Salaries Expense List debit transactions first and then list credit transactions. Use accounts provided in the Chart of Accounts above. Do NOT create your own account When typing your responses, do NOT include a dollar sign. For example, if your answer is $10,000, you should be typing 10,000 or 10,000.00 without any dollar sign. Prepare the adjusting journal entry to record bad debt expense for the year. Account Titles and Explanation Debit ($) Credit ($) Notes Payable ses/58866/quizzes/348783/take Supplies Prepaid Insurance Equipment Building Sales Discounts Cost of Goods Sold Bad Debt Expense Advertising Expense Insurance Expense Wages and Salaries Expense Land Accumulated Depreciation * List debit transactions first and then list credit transactions Use accounts provided in the Chart of Accounts above. Do NOT create your own account. "When typing your responses, do NOT include a dollar sign. For example, if your answer is $10,000, you should be typing 10,000 or 10,000.00 without any collar sign, Prepare the adjusting journal entry to record bad debt expense for the year. Account Titles and Explanation Debit (5) Credit ($) If the allowance for doubtful accounts had a debit balance of $ 920 instead of a credit balance of $3,010, prepare the adjusting journal entry for bad debt expense, Account Titles and Explanation Debit (s) Credit