The Aussie Pie company sells Australian meat pies. At January 1, the company had an accounts receivable balance of $500,000 (debit) and an allowance for doubtful accounts balance of $25,000 (credit). During the year, the company ha total sales of $2,000,000 (all on credit) and collected $1,900,000 of accounts receivable. Also during the year, the company wrote off $30,000 of bad debts. At year-end, the company determined that the allowance for doubtful accounts should have a balance of $34,000 (credit). As part of the year-end adjusting journal entry, the company will:

a. Debit the allowance account for $34,000.

b. Debit the allowance account for $29,000.

c. Debit the allowance account for $39,000.

d. Credit the allowance account for $34,000.

e. Credit the allowance account for $29,000.

f. Credit the allowance account for $39,000.

Please only attempt if you can solve the question with proper explanation. Please do not copy from Chegg.