Keefer Company uses the percentage of sales method for computing bad debt expense. As of January 1, 2003, the balance of Allowance for Bad Debts was $200,000. Write-offs of uncollectible accounts during 2003 totaled $240,000. Reported bad debt expense for 2003 was $320,000, computed using the percentage of sales method. Keith & Harding, the auditors of Keefer’s financial statements, compiled an aging accounts receivable analysis of Keefer’s accounts at the end of 2003. This analysis has led Keith & Harding to estimate that, of the accounts receivable Keefer has as of the end of 2003, $700,000 will ultimately prove to be uncollectible. Given their analysis, Keith & Harding, the auditors, think that Keefer should make an adjustment to its 2003 financial statements. What adjusting journal entry should Keith & Harding suggest?