Wasson Corp had the following items in its unadjusted trial balance at December31: 
Prepare the adjusting entry to estimate bad debts under each of the following independent situations(1)Bad debts are estimated to be 8% of credit sales.(2)An analysis shows that 8% of outstanding accounts receivable will not be collected.
Definitions:
Diabetes
A group of diseases that result in too much sugar in the blood, or high blood glucose.
Palliative Medicine
A branch of medicine focused on relieving pain, symptoms, and stress of serious illness, aimed at improving quality of life for patients and their families.
Medicare
A federal program of health insurance for persons 65 years and older.
Medicaid
A combined federal and state program that uses general revenues to fund health care for the poor. Eligibility is tied closely to economic status.
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