Brown Corp. ended the year with balances in Accounts Receivable of $60,000 and in Allowance for Doubtful Accounts of $800 (balance before adjustment). Net sales for the year amounted to $200,000. a. Estimated percentage of net sales uncollectible is 1%. Identify and analyze the adjustment required at the end of the year to record bad debts. How does this entry affect the accounting equation under each method? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Remember: if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item. b. Estimated percentage of year-end accounts receivable uncollectible is 4%. Identify and analyze the adjustment required at the end of the year to record bad debts. How does this entry affect the accounting equation under each method? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Remember: if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item