E6-8 LO6-2 Recording Bad Debt Expense Estimates and Write-offs Using the Percentage of Credit Sales Method During the current year, Sun Electronics, Incorporated, recorded credit sales of $5,000,000. Based on prior experience, it estimates a 2 percent bad debt rate on credit sales. Required: Prepare journal entries for each transaction: a. On November 13 of the current year, an account receivable for $98,000 from a prior year was deter- mined to be uncollectible and was written off. b. At year-end, the appropriate bad debt expense adjustment was recorded for the current year