Problem 4 (24 pts) Chambers Products had sales of $15,000,000 for 2017. On December 31, 2017, the balance in Accounts Receivable was $3,500,000. An aging analysis of the accounts receivable indicated that $154,000 in accounts are expected to be uncollectible. Prepare the adjusting entry to record estimated bad debts expense using the percentage of receivables basis under each of the following independent assumptions: Allowance for Doubtful Accounts has a credit balance of $4,500 before adjustment. Allowance for Doubtful Accounts has a debit balance of $500 before adjustment Using the percentage of sales method 1% of sales is expected to be uncollectible. Prepare the adjusting entry under each of the following independent assumptions using the percent of sales method: Allowance for Doubtful Accounts has a credit balance of $4,500 before adjustment. Allowance for Doubtful Accounts has a debit balance of $500 before adjustment