In 2020, Sheffield Company had net credit sales of $1125100. On January 1, 2020, Allowance for Doubtful Accounts had a credit balance of $27800. During 2020, $43000 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 $377500, what is the required adjustment to the Allowance for Doubtful Accounts at December 31, 2020? O $37750 O $15200 O $22550 O $52950
