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2020 Net credit sales Allowance account credit balance Estimate of doubtful debts Gross Accounts receivable $200,000. 2% of net credit sales $2,500 before the estimate

2020 Net credit sales Allowance account credit balance Estimate of doubtful debts Gross Accounts receivable $200,000. 2% of net credit sales $2,500 before the estimate was made $60,000. Required: Prepare the adjusting entry to record bad debts expense for 2020 using the percentage of sales method. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac)

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