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. Journal entry worksheet Record the estimate for uncollectible accounts. Note: Enter debits before credits. 2. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the December 31, 2023 balance sheet given the facts in requirement 1 (a). 3. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the December 31, 2023 balance sheet given the facts in requirement 1 (b)