On December 31, 2023, Corotel Company's year-end, the unadjusted trial balance included the following items: Account...

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On December 31, 2023, 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 ($2,250,000 cash sales) $9,000,000 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, 2023, will become uncollectible. View transaction list Journal entry worksheet < 1 2 Record the estimate for uncollectible accounts. Note: Enter debits before credits. Transaction Dec 31 General Journal Debit Credit On December 31, 2023, 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 ($2,250,000 cash sales) $9,000,000 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, 2023, will become uncollectible. View transaction list Journal entry worksheet < 1 2 Record the estimate for uncollectible accounts. Note: Enter debits before credits. Transaction Dec 31 General Journal Debit Credit