Gamecock Company's accounting records show the following information for 2020 Cash sales $700.000 Net credit sales 2.400,000 Accounts receivable (12/31/2020) 100.000 Allowance for doubtful accounts (12/31/2020, prior to adjustment) 1,300 (debit) Prepare the adjusting entry that would be required under each of the following methods: 1. Bad debts are estimated at 4% of net credit sales. 2. Bad debts are estimated at 7% of accounts receivable. An aging of accounts receivable indicates that half of the outstanding accounts will incur a 1% loss, a quarter will incur a 8% loss, the remaining 3. quarter will incur a 30% loss