Question 6.3 (Total: 15 marks; 5 marks per part) Munchener Corp.'s unadjusted trial balance includes the following balances: Dr. Cr. Accounts receivable $150,000 $ 3,500 Allowance for doubtful accounts Sales (all on credit) 720,000 30,000 Sales returns and allowances Required 1. Prepare the entries for estimated bad debts assuming that doubtful accounts are estimated to be (a) 5% of gross accounts receivable and (b) 2% of net sales. 2. Assume that all the information above is the same, except that the Allowance for Doubtful Accounts has a debit balance of $3,500 instead of a credit balance