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BeleVu Supplies showed the following selected adjusted balances at its December 31, 2016, year- end Accounts Receivable 530,000 Dec. 31/16 Balance Alowance for Doubtful Accounts 14,800 Dec. 31/16 Balance During the year 2017, the following selected transactions occurred: a. Sales totaled $2.950.000, of which 25% were cash sales (cost of sales $1,903,0001 b. Sales returns were $104,000, haif regarding credit sales. The retuned merchandise was scrapped c. An account for $20,000 was recovered d. Several accounts were written off; $22,000 e. Collections from credit customers totalled $1,860.000 (excluding the recovery in (c) above). Required 1. Prepare the December 31, 2017, adjusting entry to estimate bad debts assuming that uncollectible accounts are estimated to be 1% of net credit sales. 2. Show how accounts receivable will appear on the December 31, 2017, balance sheet. 3. What will bad debt expense be on the income statement for the year ended December 31, 2017? 4. Prepare the December 31, 2017, adjusting entry to estimate bad debts assuming that uncollectible accounts are estimated to be 3% of outstanding receivables. 5. Show how accounts receivable will appear on the December 31, 2017, balance sheet 6. What will bad debt expense be on the income statement for the year ended December 31, 2017