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Allowance for doubtful accounts on 1/1/20 was $75,000. The balance in the allowance account on 12/31/20 after making the annual adjusting entry was $60,000 and
Allowance for doubtful accounts on 1/1/20 was $75,000. The balance in the allowance account on 12/31/20 after making the annual adjusting entry was $60,000 and during 2020 bad debts written off amounted to $30,000. You are to provide the missing adjusting entry.
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