Multiple Choice Question 127 In 2017 Concord Corporation had net credit sales of $2270000. On January 1, 2017, Allowance for Doubtful Accounts had a credit balance of $50500. During 2017, $85000 of uncollectible accounts receivable were written off, past experience indicates that the allowance should be 10% of the balance in receivables (percentage of receivables basis). If the accounts receivable balance at December 31 was $550000, what is the required adjustment to the Allowance for Doubtful Accounts at December 31, 2017? O $85000 $55000 O $20000 O $89500