Selected unadjusted account balances at December 31, 2020, are shown below for Demron Servicing, 2 Debit $70,000 Account Accounts receivable Allowance for doubtful accounts Sales (oll on credit) Sales discount Credit $1,100 480,000 5 point 8,000 8 02.2003 Required: 6. Assume that Demron estimmtes uncollectible accounts as 2% of receivables. Prepare the adjusting entry required on December 31 2020 to estimate uncollectible receivables