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Selected unadjusted account balances at December 31, 2023, are shown below for Demon Servicing Account Accounts receivable Allowance for doubtful accounts Sales (all on credit)

Selected unadjusted account balances at December 31, 2023, are shown below for Demon Servicing Account Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales discounts Debit $73,000 Credit $ 1,160 507,000 11,000 Required: a. Demon estimates that 2.5% of net credit sales will prove to be uncollectible. Prepare the adjusting entry required on December 31, 2020, to estimate uncollectible receivables

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