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At the end of 2021, Grand Canyon Lenders had a balance in its Allowance for...

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Accounting

At the end of 2021, Grand Canyon Lenders had a balance in its Allowance for Uncollectible Accounts of $4,500(debit) before any adjustment. The company estimated its future uncollectible accounts to be $12,000 using the percentage-of-receivables method. Grand Canyon's adjustment on December 31,2021, to record its estimated uncollectible accounts included a:
A) Credit to Allowance for Uncollectible Accounts of $12,000.
B) Credit to Bad Debt Expense of $16,500.
C) Debit to Allowance for Uncollectible Accounts of $16,500.
D) Debit to Bad Debt Expense of $16,500; credit to Allowance for Uncollectible Accounts of $16,500.
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