the following information available: Accounts receivable Accounts receivable January 1, 2021 $450,000 Credit sales recorded in 2021 720,000 Allowance for doubtful accounts, January 1, 2021 4,500 (credit balance) Accounts written off in 2021 Credit sales collected in 2021 Accounts previously written off and recovered in 2021 Required: Calculate the bad debt expense under the following two scenarios: 4,700 735,000 4,100 1. Sheldon Corp estimates that 2% of its credit sales will be uncollectible 2. Sheldon Corp uses the aging method and provided you with the following information: For scenario 2, show the journal entry required. Days Outstanding Amount % uncollectible 0-30 $180,000 2% 31-60 $52,000 6% 61-90 $40,000 12% 91+ $15,000 40%