Selected unadjusted account balances at December 31, 2023, are shown below for Demron Servicing. Account Debit Credit Accounts receivable $ 71,000 Allowance for doubtful accounts $ 1,120 Sales (all on credit) 489,000 Sales discounts 9,000 Required: a. Assume that Demron estimates uncollectible accounts as 2% of receivables. Prepare the adjusting entry required on December 31, 2023, to estimate uncollectible receivables.