CatCO uses the Allowance Method to recognize bad debt expenses. On 12/31/X1, the end of the companys fiscal year the credit department estimated that the bad debt expense for the year would be $600,000. The credit department used an aged accounts receivable to estimate the Bad Debt Expense. On 12/31/X1 there was a debit balance in the Allowance for Bad Debts accounts of $3,000. They also calculated that the Bad Debt Expenses Using the historic % of sales approach would be 1% of the years Credit Sales of $72, 000,000. A 8 pts. Required: Make the adjusting entry on 12/31/X1 to record the bad debt expense for the year. DATE ACCOUNT DR CR