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The McNall Hat Company uses the allowance method to account for bad debts. During 2020, the company recorded $800,000 in credit sales. At the end

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The McNall Hat Company uses the allowance method to account for bad debts. During 2020, the company recorded $800,000 in credit sales. At the end of 2020, account balances were: Accounts receivable, $120,000; Allowance for uncollectible accounts, $3,000 (credit). If bad debt expense is estimated to be 4% of accounts receivable, the appropriate adjusting entry will include a debit to bad debt expense of: O $ $4,680 O $4,800 O $7,800 $24,000 O $1,800 SUBMIT

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