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A trial balance before adjustment included the following: Debit Credit Accounts receivable $150,000 Allowance for doubtful accounts 500 Sales $610,000 Sales returns and allowances 8,000

A trial balance before adjustment included the following:

Debit Credit

Accounts receivable $150,000

Allowance for doubtful accounts 500

Sales $610,000

Sales returns and allowances 8,000

Prepare the journal entry assuming that the estimate of uncollectible accounts is determined by taking 5% of gross accounts receivable.\

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