ABC Company uses the allowance method for accounts receivable. The allowance account has a $9,000 balance prior to adjustment. Credit sales during the year are $3,500,000. Sales returns and allowances on credit sales are $500,000. Management estimates that 0.75% of credit sales are uncollectible. Prepare the journal entry required to update the allowance account. (Date: December 31, 2018) DATE ACCOUNTS & DESCRIPTION DEBIT CREDIT