SP 7 Serial Problem Business Solutions (Algo) LO P1, P2 Santana Rey, owner of Business Solutions, realizes that she needs to begin accounting for bad debts expense. Assume that Business Solutions has total revenues of $57,000 during the first three months of 2022 and that the Accounts Receivable balance on March 31, 2022, is $22,067. Required: 1a. Prepare the adjusting entry to record bad debts expense, which are estimated to be 1% of total revenues on March 31,2022 There is a zero unadjusted balance in the Allowance for Doubtful Accounts at March 31. 1b. Prepare the adjusting entry to record bad debts expense, which are estimated to be 2% of accounts receivable on March 3 2022. There is a zero unadjusted balance in the Allowance for Doubtful Accounts at March 31. 2. Assume that Business Solutions's Accounts Receivable balance at June 30,2022 , is $21,150 and that one account of $96 ha been written off against the Allowance for Doubtful Accounts since March 31, 2022. If Rey uses the method in part 1b, what adjusting journal entry is made to recognize bad debts expense on June 30,2022? Complete this question by entering your answers in the tabs below. Prepare the adjusting entry to record bad debts expense, which are estimated to be 2% of accounts receivable o 2022. There is a zero unadjusted balance in the Allowance for Doubtful Accounts at March 31. (Do not round inte calculations.) Assume that Business Solutions's Accounts Receivable balance at June 30,2022 , is $21,150 and that one account o been written off against the Allowance for Doubtful Accounts since March 31, 2022. If Rey uses the method in part adjusting journal entry is made to recognize bad debts expense on June 30,2022 ? (Do not round intermediate calc