Bank of America is one of the oldest banks in America, as well as one of the largest. It has operations in all 50 states, the District of Columbia, and over 40 foreign countries. Information from Bank of America€™s annual report follows. (Amounts are in millions.)

Using this information, answer the following questions:
1. Provide the journal entry made by Bank of America to record bad debt expense for 2008.
2. Provide the journal entry made by Bank of America to record the write-off of actual bad debts during 2008.
3. Estimate the amount of bad debts previously written off that Bank of America recovered in2008.

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2008 S26,922 17,666 23,492 2007 Bad debt expense Write off of uncollectible accounts Allowance for bad debts (yearend) S 8,357 7,730 12,106