Al Bakara company report the following results for its calendar year December 31,2021 Cash sales 4 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 Prepare the adjusting entry to record the estimated bad debt -1. Answer in the following format [Note: This is just an example and is not related to the question] Jan 11 Dr. Cash... Cr. Owner capital 120 120 Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on Al Bakara company December 31 balance sheet-2