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at the beginning of the year abc corporation had a debit balance of 7 0 0 0 0 in accounts receivable and a credit balance

at the beginning of the year abc corporation had a debit balance of 70000 in accounts receivable and a credit balance of 5500 in allowance for doubtful accounts. ABC estimates that it will not be able to collect 3% of sales. During the year, ABC had credit sales of 900000 and collected 850000 from customers. Record the journal entry for bad debts for the year

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