On January 1, Alliance Company had the following balances for accounts receivable and allowance for doubtful accounts: Accounts receivable $750,000 (debit) Allowance for doubtful accounts 50,000 (credit) During the year, the company made $3,200,000 in credit sales, collected $3,000,000 of accounts receivable and wrote off $20,000 of accounts receivable as uncollected Required: A) What is the company's preadjustment balance in accounts receivable at December 31? B) What is the preadjustment balance in allowance for doubtful accounts at December 31? C) Assume an analysis of aging of accounts receivable indicates that $45,000 of the current accounts receivable balance is uncollected. By what amount will the allowance for doubtful accounts need to be adjusted? D Prepare the adjusting entry for the year ended December 31 for Allowance for Doubtful Accounts HTML Editor