apter 5 Assessment (LOs 1-3.5) Served Help The following information is available for Quality Book Sales's sales on account and accounts receivable 1 Accounts Receivable Balance, January 1, Year 2 Allowance for Doubtful Accounts, January 1, Year 2 Sales an Account, Year 2 Collections of Accounts Receivable, Year 2 $125,740 3,230 804,080 836,838 OL0.55 After several collection attempts, Quality Book Sales wrote off $2,950 of accounts that could not be collected. Quality Book Sales estimates that 175 percent of sales on account will be uncollectible Required a. Compute the following amounts (1) Using the allowance method, the amount of uncollectible accounts expense for Year 2 (Round your final answer to nearest (2) Net realizable value of receivables at the end of Year 2. (Round intermediate calculations final answer to nearest whole dollar amount.) whole dollar amount.) 1. Uncollectible accounts expense 2 Net reafurable value b. Why is the uncollectible accounts expense amount different from the amount that was written off as uncollectible? Uncollectible accounts expense is an estimate of current receivables that may eventually be uncollectible Uncollectible accounts expense is the actual amount that was determined in the current accounting period to be uncollectible