The percentage ofreceivables approach to estimating bad debts expense is used by Hayes Company. On February 28, the firm had accounts receivable in the amount of $585,000 and Allowance for Doubtful Accounts had a credit balance of $370 before adjustment. Net credit sales for February amounted to $3,000,000. The credit manager estimated that uncollectible accounts would amount to 5% of accounts receivable. On March 10 receivable from Mark Dole for S2,100 was determined to be uncollectible and written off. However, on March 31, Dole received an inheritance and immediately paid his past due account in full accounts an (a) Prepare the journal entries made by Hayes Company on the following dates: February 28 March 10 1. 2. 3. March 31 during March. Determine the (b) balance of Allowance for Doubtful Accounts at March 31 Assume no other transactions occurred that affected the allowance account