4. The records of Quest Company included the following accounts (with normal balances). Cash sales Credit sales Balance in accounts receivable, December 31, 2019 Balance in accounts receivable, December 31, 2020 $1,680,000 1,260,000 252,000 Balance in allowance for doubtful accounts, December 31, 2019 (Cr.) Accounts written off as uncollectible during 2020 280,000 4,200 7,000 The company estimates bad debts as 2% of receivables at year-end to be uncollectible. Prepare the adjusting entry at December 31, 2020, to adjust the allowance for doubtful accounts. Date Account Name Dr. Cr. Dec. 31, 2020 Bad Debt Expense 5,376 x Allowance for Doubtful Accounts + 0 5,460 x