On December 31, 2020. ABC Corporation's reports an allowance for doubtful accounts of $45,000. During the quarter ended March 31, the company writes off accounts of $48.000. The company later receives payment of $1,000 from a customer whose account had previously been written off. On March 21, the company's balance of gross accounts receivable is $1,100,000. The company sets its ending balance for the allowance at 5% of gross recervables.

(a) what should ABC report as the value of its allowance for doubtful accounts on March 31, 2021? (b) How much bad debt expense should ABC report for the quarter ended March 31, 2021? Show your work for this problem.

Record the journal entries