Which of the following best defines the term commodity? a. a physical object we find, grow, or make to meet our needs and those of others. b. an activity that benefits people, such as health care, education, and entertainment. c. an economic system which adheres to the principles of socialism. d. a benefit given to those who participate in the capitalist market.

Exercise 7-7 martinez company reports the following financial information before adjustments. dr. cr. accounts receivable $168,900 allowance for doubtful accounts $3,200 sales revenue (all on credit) 849,300 sales returns and allowances 50,440 prepare the journal entry to record bad debt expense assuming martinez company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but allowance for doubtful accounts had a $1,550 debit balance. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)