Med Labs has the following December 31, 2017, yearend unadjusted balances: Allowance for Sales Discounts SO. and Accounts Receivable. S5,00 or the S5.00 of receivables. S 1.000 are within a 2% discount prod meaning that it expects buyers to take $20 in future-period discounts arising from this period's sales a. Prepare the December 31, 2017, year-end adjusting journal entry for future sales discounts. b. Assume the same facts above and that there is a $5 year-end unadjusted credit balance in the Allowance for Sales Discounts, Prepare the December 31, 2017, year-end adjusting journal entry for future sales discounts Is Allowance for Sales Discounts a contra asset or a contra liability account? Exercise 4-19 Recording estimated sales discounts P6 c. Exercise 4-20