In 2022 the Bear Co. had net credit sales of $1,100,000. On January 1, 2022, the...

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In 2022 the Bear Co. had net credit sales of $1,100,000. On January 1, 2022, the Allowance for Doubtful Accounts had a credit balance of $43,500. During 2022, $35,000 of uncollectible accounts receivable were written off. Past experience indicates that the allowance should be 12% of the balance in receivables (percentage-of-receivables basis). If the accounts receivable balance at December 31 was $400,000, what is the required adjustment to the Allowance for Doubtful Accounts at December 31, 2022? $8,500. $43,500. $56,500. $39,500. In 2022 the Bear Co. had net credit sales of $1,100,000. On January 1, 2022, the Allowance for Doubtful Accounts had a credit balance of $43,500. During 2022, $35,000 of uncollectible accounts receivable were written off. Past experience indicates that the allowance should be 12% of the balance in receivables (percentage-of-receivables basis). If the accounts receivable balance at December 31 was $400,000, what is the required adjustment to the Allowance for Doubtful Accounts at December 31, 2022? $8,500. $43,500. $56,500. $39,500.

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