The financial statements for X. Benedict Farms show the following balances as of December 31 Credit Sales: $6,980,000 Sales Returns and Allowance: $92,000 . Sales Discounts: $274,000 Accounts Receivable: $1,828,000 Allowance for Doubtful Accounts: $46,000 (Credit) Notes Receivable: $210,000 QUESTIONS 1. An aging of accounts receivable indicates that $175,000 is expected to become uncollectible as of December 31. If the percentage of receivables method is used, what is the balance is Allowance for Doubtful Accounts after any adjustment is made? (1 point) 2 Ignoring your answer to Question #1, based on its past history, X. Benedict Farms expects 3.1% of its net credit sales will become uncollectible as of December 31. If the percentage of net credit sales method is used, what adjusting entry, if any, should X. Benedict Farms make? (2 points) 3. The notes receivable consists of a single 10-month note, bearing interest at 6.2%. This note was given to X. Benedict Farms, by its customer on September 1. What adjusting entry, if any, should X Benedict Farms make on December 31? (2 points)