met hour, 59 minutes, 43 secos O Camion Status: 6 points Question 1 (A) Given the following data about Zero One Co. Zero One Co has an accounts receivable balance on December 31, 2019, amounting to $88,000. Past experience suggests that 5% of the receivabies are uncollectable Required: 1. Calculate the amount of allowances for doubtful accounts on December 31, 2019 (1 mark) Write down an adjusting entry to record estimated bad debts on December 31, 2019? (1 mark) (8) LWhy do companies sell on credit if they expect some accounts to be uncollectible? List two advantages of the allowance method. (1+1 = 2 marks) For the toolbar, press ALT F10 (PC) or ALT-EN-F10 (Mac). B. I S Paragraph Arial 10pt A T XA Q TE 99 ES + >E x X 383 8) 2 0 3 bok prise FIG FB