XYZ Corp. uses the percentage of credit sales method in determining its bad debt expense. The following information comes from the accounting records of XYZ Corp.: Cash sales exist200,000 Credit sale exist800,000 Total sales 1,000,000 Credit balance in the Allowance for Doubtful Accounts 5,000 Bad debt loss rate 3% What is the estimate of bad debt expense? exist25,000 exist30,000 exist29,000 exist24,000