1 Problem 8-2A Estimating bad debt expense LO2, 3 On December 31, 2020, Corotel Company's year-end, the unadjusted trial balance included the following items: Account Debit Credit Accounts receivable $2,030,000 Allowance for doubtful accounts 26,000 Sales ($2,750,000 cash sales) $9,000,000 Spel co Print crerences Required: 1. Prepare the adjusting entry needed in Corotel's books to recognize bad debts under each of the following independent assumptions, a. Bad debts are estimated to be 2% of credit sales. b. An analysis suggests that 5% of outstanding accounts receivable on December 31, 2020, will become uncollectible. View transaction list Journal entry worksheet Record the estimate for uncollectible accounts. 1 B. Bu es die een wo De Cesare b. An analysis suggests that 5% of outstanding accounts receivable on December 31, 2020, will become uncollectible. View transaction is sims Shaped Journal entry worksheet + 2 > Record the estimate for uncollectible accounts No te detit before creo General Journal Debit Credit Transaction Dec 31 Racord entry Clear entry View general Journal Check my 1 B. Dau DOLCI b. An analysis suggests that 5% of outstanding accounts receivable on December 31, 2020, will become uncollectible, View transaction list Journal entry worksheet