Dean’s Sports Posters, Inc. had sales on account of $260,000 last year. Sales returns and allowances were $1,200, and Sales discounts were $800. Accounts receivable balance at the end of the year was $25,000. Pre-adjusted allowance for bad debts balance was $1,525. Prepare the journal entry to record bad debts for the year if Dean estimates its bad debts at 1% of net credit sales
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