General Instructions: This test contains five (5) problems, each of equal value. You may write your answers directly below each problem or on the reverse side of the page. Exercise care and check your work before you submit it. I. The following information was abstracted from the records of the Dingbat Corporation: Accounts receivable, December 31, 2018 Allowance for bad debt before adjustment, December 31, 2018 Sales (2018) Sales discounts (2018) Sales returns and allowances (2018) s 1,160,000 36,000 (dr.) 4,360,000 36,000 54,000 Prepare the adjusting entry for Bad Debt expense under each of the following independent assumptions: 1. 3 percent of outstanding accounts receivable are uncollectible. An aging schedule of the accounts shows that $44,600 of the accounts are uncollectible. 2. 3. One-half of one percent of net sales are uncollectible