2 On December 31, 2020, Corotel Company's year end, the unadjusted trial balance included the following items: Credit 90 Doints Account Debit Accounts receivable $2,010,000 Allowance for doubtful accounts 24.000 Sales (62,070,000 cash sales) $8,280,000 eBook he 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 References View transaction ist Journal entry worksheet 1 2 > Record the estimate for uncollectible accounts Saved Assignment #6 - Covering Chapter 8 3 View transaction Ilst Journal entry worksheet 10 points eBook Record the estimate for uncollectible accounts. Print References Note: Enter debits before credits General Journal Dobit Credit Transaction Dec 31 Record entry Clear entry View general Journal 2. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the December 31, 2020 balance sheet glven the facts in requirement 1(a) Book Partial Balance sheet Assets reces Current assets ints 3. Show how Accounts Recevable and the Allowance for Doubtful Accounts would appear on the December 31, 2020 balance sheet given the facts in requirement 1(b). Book Partial Balance Sheet Assets Current