You have just received notice that a customer of yours with an Account Receivable balance of $100 has gone bankrupt and will not make any future payments. Assuming you use the allowance method, the entry you make is to Select one: O debit Bad Debt Expense and credit Accounts Receivable. O debit Allowance for Bad Debts and credit Bad Debt Expense. O debit Bad Debt Expense and credit Allowance for Bad Debts. O debit Allowance for Bad Debts and credit Accounts Receivable. No journal entry would be necessary in this situation