Gamecock Company's accounting records show the following information for 2020: Cash sales $700,000 Net credit sales 2,100,000 Accounts receivable (12/31/2020) 270,000 Allowance for doubtful accounts (12/31/2020, prior to adjustment) 3,000 (debit) Prepare the adjusting entry that would be required under each of the following methods: 1. Bad debts are estimated at 2% of net credit sales. 2. Bad debts are estimated at 6% of accounts receivable. An aging of accounts receivable indicates that half of the outstanding 3. accounts will incur a 2% loss, a quarter will incur a 5% loss, the remaining! quarter will incur a 20% loss