Med Labs has the following December 31 yearend unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $5,700. Of the $5,700 of receivables, $1,350 are within a 2% discount period, meaning that it expects buyers to take $27 in future period discounts arising from this period's sales. 4:. Prepare the December 31 yearend adjustingjournal entry for future sales discounts. b. Assume the same facts above ano'that there is a $7 yearend unadjusted credit balance in Allowance for Sales Discounts. Prepare the December 31 yearend adjusting journal entry for future sales discounts. View transaction list Journal entry worksheet Record the adjusting journal entry for future sales discounts. Note: Enter debits before credits. Record entnlr Clearentry View general journal 1:. Is allowance for sales discounts a contra asset or a contra liability account? 0 A contra liability account 0 A contra asset account