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The following information pertains to Marks Consultation Company: Accounts receivables: $600,000, Allowance for doubtful accounts: $20,000, Net Sales: $300,000. Prepare a journal entry to estimate

The following information pertains to Marks Consultation Company: Accounts receivables: $600,000, Allowance for doubtful accounts: $20,000, Net Sales: $300,000. Prepare a journal entry to estimate the bad debts if you know that the bad debts are estimated to be 7% of credit sales.

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