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Beebo Ltd. provides for doubtful accounts based on 6% of credit sales. The following data are available for 2021. Credit sales during 2021 $3,550,000 Allowance

Beebo Ltd. provides for doubtful accounts based on 6% of credit sales. The following data are available for 2021.

Credit sales during 2021

$3,550,000

Allowance for doubtful accounts, Jan 1, 2021

59,000 Cr

Collection of accounts written off in prior years

3,500

Customer accounts written off as uncollectable during 2021

37,000

How much should the balance in the allowance for doubtful accounts be at December 31, 2021?

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