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A trial balance before adjustment included the following: Debit Credit Accounts receivable 80,000 Allowance for doubtful accounts 1,000 Sales 340,000 Sales returns and allowances 8,000

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A trial balance before adjustment included the following: Debit Credit Accounts receivable 80,000 Allowance for doubtful accounts 1,000 Sales 340,000 Sales returns and allowances 8,000 Prepare the journal entry to estimate the uncollectible accounts receivables, using 5% of gross accounts receivable. (Show your calculations)

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