Alpaca Consulting Inc reported net sales of $1,000,000 for the year. Also, at at the end of the year, the company reported balances of $300,000 and $2,000 of accounts receivables and allowance for doubtful accounts, respectively. All amou.sts and balances have normal balances. REQUIRED: The company estimates its uncollectible accounts as 5% of accounts receivable. Record the required adjusting entry to record bad debts. The journal must be properly formatted