E6 9 Determining Financial Statement Effects of Bad Debts Using the Percentage of Credit Sales Method L06 2 During the current year, Sun Electronics, Incorporated recorded credit sales of $780.000. Based on prior experience it estimates a 1 percent bad debt rate on credit sales a. On November 13 of the current year an accogint receivable for $360 from a prior year was determined to be uncollectible and was written off 6. Al year end, the appropriate bad debt expense adjustment was recorded for the current year Required: Show the effects of the above transactions on the following categones. Assets Liabilities and Stockholders' Equity Use for increases and for decreases and indicate the accounts affected and the amounts Transaction Assets Liabilities Stockholders' Equity a