At December 31, 2017, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $2,030,290 3,082,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $933,846 debit 24,560 debit Required: 1. Prepare the adjusting entry for this company to recognize bad debts under each of the following independent assumptions. a. Bad debts are estimated to be 4% of credit sales. b. Bad debts are estimated to be 3% of total sales. C. An aging analysis estimates that 7% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31, 2017) View transaction list View journal entry worksheet Transaction General Journal Credit No 1 Debit 123,280 Bad debts expense Allowance for doubtful accounts 123,280 2 102,246 Bad debts expense Allowance for doubtful accounts 102,246 3 89,929 Bad debts expense Allowance for doubtful accounts 89,929