REQUIRED: Answer each of the following eleven questions: Use the following data for the next four questions: On December 31, 2011, the unadjusted trial balance of Alex Inc., included the following accounts: Credit $900,000 Debit Sales (90% represent credit sales) Accounts Receivable Allowance for Doubtful Accounts 300,000 300 1. Assume Alex estimates bad debts expense as 1% of credit sales. Prepare the adjusting entry for 2. INSTEAD of #1 Assume Alex estimates bad debts expense as 3% of year-end gross accounts 3. Based on your answer in #2 Assume Alex estimates bad debts expense as 3% of year-end gross bad debts on December 31, 2011. receivable. Prepare the adjusting entry for bad debts on December 31, 2011. accounts receivable. After the adjusting entry, the net realizable value of Alex's accounts receivable in the December 31, 2011 balance sheet is: $