Al Bakara company report the following results for its calendar year December 31,2021 Cash sales Credit sales Account receivable Account payable Allowances for doubtful accounts 310,000 220,000 44,000 (debit) 78,000 (credit) 7,000 (debit) The company bad debts estimated to be 2% of annual total sale Required: 1- Prepare the adjusting entry to record the estimated bad debt. Answer in the following format [Note: This is just an example and is not related to the question] Jan 1 Dr. Cash 120 Cr. Owner capital...............120 2- Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on Al Bakara company December 31 balance sheet.