The following balances are taken from the trial balance of Lpez Company for the most recent year: Required: (a) Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 5% of gross accounts receivable at year-end. (b) Assume that all the information above is the same, except that the Allowance for Doubtful Accounts has a debit balance of $5,000 instead of a credit balance. Prepare the adjusting journal entry. (c) What accounting principle justifies using an allowance account for receivables instead of waiting until an account is written off before recording an expense? (d) Define "net amount expected to be collected" and show how it is calculated