Question - Midwest Pool Co. provides for doubtful accounts based on 1.5% of credit sales. The following data are available for 2015.
Credit sales during 2015 - $1,050,000
Allowance for doubtful accounts 1/1/15 - 8,500
Collection of accounts written off in prior years - (customer credit was reestablished) 4,000
Customer accounts written off as uncollectible during 2015 - 15,000
What is the balance in the Allowance for Doubtful Accounts at December 31, 2015?