QUESTION 20 During Year 2019, Wolf's Camera Shop had sales revenue of $85,000, of which $37,500 was on credit. On Jan 1, 2019, Accounts Receivable showed an $8,000 debit balance, and the Allowance for Doubtful Accounts showed a $450 credit balance. Collections of accounts receivable during 2019 amounted to $30,000. Data during the 2019 was as follows: 1. On December 31, 2019 an Account Receivable (Mr. Bill Burton) of $850 from a prior year was determined to be uncollectible; therefore, it was written off immediately as a bad debt. 2. On December 31, 2019 based on experience, a decision was made to continue the accounting policy of basing estimated bad debt losses on 1.5 percent of credit sales for the year. The Closing balance in the allowance for doubtful accounts on Dec 31, 2019 was: O A. 1,275 OB.562.5 O C. 1,725 OD. 1,012.5