FINANCIAL ACCOUNTING Page 4 SECTION 3 ( points) Assuming the following information, make the necessary adjusting entries under each of the following alternatives Accounts Receivable Sales 50,000 500,000 Allowance for Doubtful Acct Bad Debt Expense 200 A) The percent of credit sales is used and 1% is considered the benchmark All sales were credit Sales B) The aging of receivables method is to be used and the desired allowance balance is $4200