Prepare the journal entry to record bad debt expense for 2019, assuming that an aging of accounts receivable indicates that expected bad debts are $342,880.

At December 31, 2018, Tamarisk, Inc. reported the following information on its balance sheet. Accounts receivable $967,000 75,000 Less: Allowance for doubtful accounts During 2019, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable $3,951,880 55,000 2,820,000 95,000 28,000 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible No Account Titles and Explanation Debit Credit 1. Accounts Receivable 3951880 Sales Revenue 3951880 2. Sales Returns and Allowances 55000 Accounts Receivable 55000 3. Cash 2820000 Accounts Receivable 2820000 4. Allowance for Doubtful Accounts 95000 Accounts Receivable 95000 5. Accounts Receivable 28000 Allowance for Doubtful Accounts 28000 (To reverse account previously written off.) Cash 28000 Accounts Receivable 28000 Accounts Receivable Bal. 967,000 (2) 55,000 (1) 3,951,880 (3) 2,820,000 (5) 28,000 (4) 95,000 (5) 28,000 Bal. 1,948,880 Allowance for Doubtful Accounts (4) 95,000 Bal. 75,000 (5) 28,000 Bal. 8,000 Account Titles and Explanation Debit Credit