Rankine Company estimates its bad debts expense by aging its accounts receivable and applying percentages to various age groups of the accounts. Rankine calculated a total of $12,000 in possible credit losses as of December 31. Accounts Receivable has a balance of $384,000, and the Allowance for Doubtful Accounts has a credit balance of $1,500 before adjustment at December 31. What is the December 31 adjusting entry to provide for credit losses
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