Madison Inc. reported sales of $1,000,000, a debit balance in Accounts Receivable of $80,000, and a credit balance of $5,000 in the Allowance for Doubtful Accounts. Management anticipates bad debt losses of 1% of credit sales. to record bad debt expense. (If no entry is required for a transaction/event, select "No Prepare the end-of-period adjusting entry Journal Entry Required" in the first account field.)