Swiss Supplies showed the following selected adjusted balances at its December 31, 2019, year-end: Accounts Receivable Dec. 31/19 Balance 600,000 Allowance for Doubtful Accounts 13,200 Dec. 31/19 Balance During 2020, the following selected transactions occurred: a. Sales totalled $2,990,000, of which 25% were cash sales (cost of sales $1,927,000). b. Sales returns were $100,000, half regarding credit sales. The returned merchandise was scrapped. c. An account for $16,000 was recovered. d. Several accounts were written off: $18,000. e. Collections from credit customers totalled $1,900,000 (excluding the recovery in (c) above). Required: 2. Prepare the December 31, 2020, adjusting entry to estimate bad debts assuming that uncollectible accounts are estimated to be 1% of net credit sales. View transaction list Journal entry worksheet Record the estimate for uncollectible accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal 3. Show how accounts receivable will appear on the December 31, 2020, balance sheet. Partial Balance Sheet Assets Current assets