On December 31, 2020, Corotel Company's year-end, the unadjusted trial balance included the following items: Credit Account Accounts receivable Allowance for doubtful accounts Sales ($1,980,000 cash sales) Debit $2,000,000 23,000 $7.920,000 Required: 1. Prepare the adjusting entry needed in Corotel's books to recognize bad debts under each of the following independent assumptions a. Bad debts are estimated to be 2% of credit sales. b. An analysis suggests that 5% of outstanding accounts recewable on December 31, 2020, will become uncollectible. View transaction list Journal entry worksheet