3. Prepare the adjusting entry to record the estimate for bad debts for the year ended Dec. 31, 2018. Problem 2 Compute the maturity date and interest for a $10,000,8%,2 month note dated May 15th. 1. The Mirror Image Company uses the allowance method to account for uncollectible accounts. Past experience indicates that 2% of net credit sales will eventually be uncollectible. Certain account balances at 12/31/2018 are: Net Credit Sales $400,000; Accounts Receivable $80,000 and Allowance for Doubtful Accounts = ??. Certain account balances at 12/31/2017 are as follows: Net Credit Sales $300,000; Accounts Receivable $75,000 and Allowance for Doubtful Accounts $5,000. Instructions: Record the following events in 2018: 1. Determined the account of M. Fox for $500 is uncollectible. 2. Received a check from M. Fox for $250 as payment on account from fox, whose account had previously been written off as uncollectible. The remainder of the account will be paid next month. Problem 3 Using the percentage of receivables method, prepare the adjusting entries to record bad debts expense under the following assumptions if the aging analysis indicates that $15,000 in accounts are expected to be uncollectible: 1. Allowance for Doubtful Accounts has a credit balance of $2400. 2. Allowance for Doubtful Accounts has a debit balance of $2000