7. Moana Company had Sales of $684,000 in May. The Allowance for Doubtful Accounts balance at May 31 was $1,900 credit, before making any adjustments. An aging of the accounts receivable revealed the following: Instructions a. Determine the total estimated uncollectibles b. Prepare the adjusting entry on May 31 to recognize bad debt expense based on aging receivables. c. Prepare the adjusting entry on May 31 assuming instead that estimated uncollectibles is based on 2% of Sales for May. 8. Miles Company had the following select receivable transactions. 20X1 11/1 Loaned $24,000 cash to N. Jones and signed a 90 -day, 8% note. 12/31 Accrued interest on N. Jones note. 202 1/30 Collected amount due on N. Jones note plus interest. Instructions Prepare journal entries to record the transactions above (use 360 days to calculate interest and