Smart Art is a new establishment. During the first year, there were credit sales of $40,000 and collections of credit sales of $36,000. One account for $650 was written off. The company decided to use the aging method to account for bad debts expense. It has calculated an amount of $200 as its estimate of uncollectible amounts at year-end. Prepare the journal entry required to record Bad debts expense at the end of the year.
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