Problem 1 As of December 31, 2017, the Balance Sheet of Murphy Inc. included the following balances: The C redit During 2018, the following occurred: .2018 Sales totaled S1,000,000. All sales were on account. - 2018 Sales returns totaled S20,000. -Cash collected on Accounts Receivable totaled $930,000 - Receivables deemed uncollectible and written off totaled SI5.000. - An analysis at 12/31/18 indicated that 4% of accounts receivable will be uncollectible. Requirements: Record entries for 2017 sales (ignore COGS), returns, cash collections and write-offs. Date Tib or B) Update Accounts Receivable and the Allowance for doubtful accounts balances for 2018 activity and then record the necessary 12/31/18 adjusting entry to record bad debts. Show your work. B) Update Accounts Receivable and the Allowance for doubtful accounts balances for 2018 activity and then record the necessary 12/31/18 adjusting entry to record bad debts. Show your work