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Nieto Co. elects to use the percentage-of-sales basis in 2011 to record bad debts expense. It estimates that 3% of net credit sales will become uncollectible. Sales are $777,900 for 2011, sales returns and allowances are $42,600, and the allowance for doubtful accounts has a credit balance of $8,820. Prepare the adjusting entry to record bad debts expense in 2011.

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