Prepare the adjusting journal entry to record credit losses at June $30$ assuming that Speedway's allowance for expected credit losses had a credit balance of $$12,340$ before adjustment. $($List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

$\backslash$table$[[$Date$,$Account Titles and Explanation,Debit,Credit$],[$June $30],[,$Allowance for Expected Credit Losses,,$]]$