A company had the following items and amounts in its unadjusted trial balance as of December 31 of the current year: 
Prepare the adjusting entry to estimate bad debts assuming an aging analysis estimates that 8% of the outstanding accounts receivable will be uncollectible.
Definitions:
Current Consumption
The purchases of goods and services for immediate use, as opposed to saving or investing for future use.
Budget Deficits
The financial situation that occurs when an entity's expenditures exceed its revenues over a specified period of time.
Foreign Exchange Reserves
Assets held on reserve by a central bank in foreign currencies, which are used to back liabilities and influence monetary policy.
Dollar
A unit of currency used in various countries, most notably the United States.
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