Jernigan Corp.s trial balance indicates the following select account balances at the end of 2019 before the year-end adjustment to record bad debts: Jernigan Corp. Trial Balance (partial) 12/31/19 Debit Credit Accounts Receivable 12/31/19 $ 800,000 Allowance for Doubtful Accounts 12/31/19 $ 16,000 Sales Revenue 12,000,000 Bad Debts Expense 1/1/19 0 At the end of 2019, Jernigan's accountant estimated 3% of its ending gross accounts receivable account balance was uncollectible, and the following incorrect adjusting entry was prepared: Debit Credit 12/31/19 Bad Debt Expense 24,000 Allowance for Doubtful Accounts 24,000 (Continued on next page) Required: Assume you discover this error in January of 2020, after 2019s financial statements and closing entries have been prepared. In the journal below, prepare the correcting journal entry that should be made (ignore tax effects). Debit Credit 1/1/20