Wasson Corp had the following items in its unadjusted trial balance at December 31: 
Prepare the adjusting entry to estimate bad debts under each of the following independent situations.(Show all work.)
(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:
Fundamentalist
A person or doctrine that adheres strictly to traditional beliefs and practices, rejecting modern interpretations or innovations.
Evangelical
A term describing conservative Christians who emphasize converting others to their faith.
Supernatural Beings
Entities believed to possess powers or qualities beyond the natural world, often integral to religious or spiritual beliefs.
Sacred
The holy, divine, or supernatural.
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