Question No 4: [10 Marks] At December 31, 2018, Ingleton Company reports the following results for the year. Cash sales Credit sales $1,025,000 1,342,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $575,000 debit 7,500 credit Required Prepare the adjusting entry for Ingleton Co. to recognize bad debts under each of the following independent assumptions. 1. Bad debts are estimated to be 2.5% of credit sales. 2. Bad debts are estimated to be 1.5% of total sales. 3. An aging analysis estimates that 6% of year-end accounts receivable are uncollectible