Al Bakara company report the following results for its calendar year December 31,2021. Cash sales 200,000 180,000 Credit sales Account receivable Account payable Allowances for doubtful accounts 22,000 (debit) 46,000 (credit) 2,000 (debit) The company estimates bad debts 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