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At the end of the period,the manager of Olive Co.estimated that $80,000 of its accounts receivable were uncollectible.If the Allowance for Doubtful Accounts has a credit balance of $22,400,which of the following sets forth the adjusting entry to record bad debts for the period? Assume the allowance method is used.
Net Sales
The amount of sales generated by a company after deducting returns, allowances for damaged or missing goods, and any discounts allowed.
Credit Losses
Financial losses that a lender anticipates or experiences due to borrowers failing to make required payments.
Allowance for Doubtful Accounts
A contra-asset account used to estimate the amount of receivables that may not be collectible.
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