The to Debie Credit Accounts receivable (gross) 580000 Allowance for Doubtful 33500 Accounts Prepald selling expenses 13920 Notes Payable (short-term) 9200 Accrued Liabilities 97600 Selling Expenses 1822600 Bad Debt Expenses 176200 Interest Expense 176200 The Prepold selling expenses of E 13920 consists of payments on two advertising contracts. The contracts provide for monthly advertising In two trade magazines. The terms of the contracts are shown below. Contract Date Amount Number of Magazine Issues A650 May 1, 2020 6 5568 12 B974 Oct. 1, 2020 E 8352 24 The first advertisement runs In the month in which the contract is signed. Give the adjusting entry on December 31, 2020, assuming no adjusting entries have been mad 020. Account Debit Credit