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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 ($3,300,000 cash sales) Debit $2,150,000 38,000 $13,200,000 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 receivable on December 31, 2020, will become uncollectible. Journal entry worksheet 1 2 Record the estimate for uncollectible accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheet