Apps PA8-1 Recording Accounts Receivable Transactions Using the Aging Method [LO 8-2] A problem just like this one (CP8-1) is worked in a video in Supplemental Resources. Kraft Foods Group Inc. sells Oscar Mayer, Jell-O, Tassimo, and many other food brands. The company reported the following rounded amounts as of December 29, 2012 (all amounts in millions): Debits Credits Accounts Receivable Allowance for Doubtful Accounts Sales (assume all on credit) $1,120 $30 18,300 Required 1&2. Prepare the adjusting journal entry required at December 31, 2012, for recording Bad Debt Expense. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Round your answers to the nearest whole number.) (i) Assume Kraft uses of 1 percent of sales to estimate its Bad Debt Expense for the year (ii) Assume instead that Kraft uses the aging of accounts receivable method and estimates that $80 of its Accounts Receivable will be uncollectible View transaction list Record the entry for bad debt expenses under the percentage of credit sales method 1 t sales 2 Record the entry for bad debt expenses under the aging of accounts receivable method Credit