I 2. Lululemon Inc. prepares its year ends and they have gathered the following sales and corporate client accounting records for the year ended December 31, 2019, prior to adjustment: (20 marks) (Account Receivable) Sale Records Total Revenues $500,000 and Net Credit Sales $380,000 Accounts Receivable (Dec 31, 2019) = $20,000 Allowance for Uncollectible Accounts, prior to adjustment (Dec 31, 2019) = $5,000 debit balance Lululemon Inc. uses the allowance method of accounting for bad debts and estimates bad debts at 5% of net credit sales. Required Prepare the adjusting entry on December 31, 2019. a. Determine the balance in the Allowance for Uncollectible Accounts account after the adjusting entry is recorded. Page Break b. Explain the difference between direct write off and allowance for uncollectible accounts