Use the information above to answer the following question.Assuming the company estimates bad debts as 1.3% of credit sales,what is the required adjusting entry to record bad debt expense for the year? 
Definitions:
M1 Definition
A category of the money supply that includes all physical money like coins and currency, as well as demand deposits, and other liquid assets that can be quickly converted to cash.
Medium of Exchange
A facilitative tool employed to assist in the buying, selling, or exchanging of products among individuals or groups.
Money Supply
The full amount of financial resources at an economy's disposal, including cash, coins, and the amounts in checking and savings accounts, at a particular moment.
Financial Intermediaries
Organizations that facilitate the channeling of funds between savers and borrowers, including banks, credit unions, and insurance companies.
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