Exercise 8-11 Estimating bad debt expense-percentage of sales LO3 1 Selected unadjusted account balances at December 31, 2020, are shown below for Demron Servicing. Credit Debit $68,000 10 points Account Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales discounts $ 1,100 482,800 12,080 8 Ot50:01 Required: a. Demron estimates that 4% of net credit sales will prove to be uncollectible. Prepare the adjusting entry required on December 2020, to estimate uncollectible receivables