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Accounts Receivable has a debit balance of $40,000 and Allowance for Doubtful Accounts has a credit balance of $500 at the end of the year

Accounts Receivable has a debit balance of $40,000 and Allowance for Doubtful Accounts has a credit balance of $500 at the end of the year (before adjustment), and bad debt expense is estimated at 3% of credit sales. If credit sales are $300,000, record the adjusting entry for the estimated uncollectible accounts in the journal provided.

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