Oceanside Company uses the balance sheet approach in estimating uncollectible accounts expense.Its Allowance for Doubtful Accounts has a $1,200 credit balance prior to adjusting entries.It has just completed an aging analysis of accounts receivable at December 31,2015.This analysis disclosed the following information: 
What is the appropriate balance for Oceanside's Allowance for Doubtful Accounts at December 31,2015?
Definitions:
Profit Margin Ratio
A financial metric used to evaluate a company's profitability by comparing net income to revenue.
Economic Conditions
The state of a country or region's economy, influenced by factors such as GDP, unemployment rates, and inflation.
Industry Average
A statistical measure that represents the average performance or output of companies within a particular sector or industry.
Adjusting Entries
Journal entries made at the end of an accounting period to update account balances before the preparation of financial statements, ensuring records adhere to the accrual basis of accounting.
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