Question 3 [12 points] At year-end, December 31, 2014 Ludwig Inc. showed unadjusted balances of : $235,000 in Accounts Receivable; S4,500 credit in Allowance for Doubtful Accounts; and $750,000 in Sales. Ludwig Inc. prepared an aging analysis on December 31, 2014, that estimated total uncollectible accounts to be $15,800. At December 31, 2015, the General Ledger showed unadjusted balances of : $290,000 in Accounts Receivable; $3,600 credit in Allowance for Doubtful Accounts; and $950,000 in Sales. Uncollectible accounts are estimated to be 4% of outstanding accounts receivable. At December 31, 2016, the General Ledger showed unadjusted balances of : $265,000 in Accounts Receivable; $4,500 credit in Allowance for Doubtful Accounts; and $650,000 in Sales. Uncollectible accounts are estimated to be 1.5% of sales. Use this information to prepare the 2014, 2015, and 2016 year-end adjusting entries to estimate uncollectible accounts. Enter an appropriate description for each journal entry. T-accounts have been provided for your calculations, but will not be marked. Accounts Receivable Allowance for Doubtful Accounts General Journal Account/Explanation Page Gj1 F Debit Credit Date 2014 2015 2016 At December 31, 2015, the General Ledger showed unadjusted balances of : $290,000 in Accounts Receivable; $3,600 credit in Allowance for Doubtful Accounts; and $950,000 in Sales. Uncollectible accounts are estimated to be 4% of outstanding accounts receivable. At December 31, 2016, the General Ledger showed unadjusted balances of : $265,000 in Accounts Receivable; $4,500 credit in Allowance for Doubtful Accounts; and $650,000 in Sales. Uncollectible accounts are estimated to be 1.5% of sales. Use this information to prepare the 2014, 2015, and 2016 year-end adjusting entries to estimate uncollectible accounts. Enter an appropriate description for each journal entry. T-accounts have been provided for your calculations, but will not be marked. Accounts Receivable Allowance for Doubtful Accounts General Journal Account/Explanation Page Gj1 Credit F Debit Date 2014 2015 2016 Official Time: 18:13:37 SUBMIT AND MARK SAVE AND CLOSE