Selected unadjusted account balances at December 31, 2023, are shown below for Demron Servicing. Account Accounts receivable Debit $71,000 Credit Allowance for doubtful accounts $ 1,120 Sales (all on credit) 489,000 Sales discounts 9,000 Required: a. Demron estimates that 2% of net credit sales will prove to be uncollectible. Prepare the adjusting entry required on De 2020, to estimate uncollectible receivables.