16. Assume that Max Glass sells hurricane glass to Oliver Builders. As part of the sales agreement, Max includes a provision that if Oliver is dissatisfied with the product, Max will grant an allowance on the sales price or agree to take the product back. On January 4, 2019, Max sells $5,000 of hurricane glass to Oliver on account. On January 16, 2019, Max grants an allowance of $300 to Oliver because some of the hurricane glass is defective. the question is that using the allowance method, what is the entry that Max must record on January 16, 2019? (1.5 Points) debit sales returns and allowances, credit allowances for sales returns and allowances (300) debit sales returns and allowances, credit account receivable (300) debit sales returns and allowances, credit allowances for sales returns and allowances (5000) debit allowances for sales returns and allowances, credit sales returns and allowances (300)