Metlock has been in business several years. At the end of the current year, the unadjusted trial balance shows: Accounts Receivable $300,000 Dr. Sales Revenue 2,321,700 Cr. Allowance for Doubtful Accounts 5,355 Cr. Bad debts are estimated to be 8% of receivables. Prepare the entry to adjust Allowance for Doubtful Accounts. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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