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Med Labs has the following December 31 year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Recelvable, $5,000. Of the $5,000 of recelvables, $1,000

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Med Labs has the following December 31 year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Recelvable, $5,000. Of the $5,000 of recelvables, $1,000 are within a 2% discount period, meaning that it expects buyers to take $20 in futureperod discounts ansing from this period's sales. 0. Prepare the December 31 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 Allowance for Sares Discounts Prepare the December 31 year-end adjusting journal entry for future sales discounts

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