Page 2 of 4 Question 2 (8 points) It is summer 2021 and the COVID-19 restrictions on social distancing have been lightened. You are at a company picnic and the company president starts a conversation with you. She is impressed with the sales forecasts and short term results to date. She is also impressed with the accounts receivable collection activity and suggests "Since we use the allowance for doubtful accounts method to account for receivables, there is no reason to worry about future cash collection as it has already been accounted for." Required (8 marks) What is your response to the president's remarks? Provide an explanation outlining the characteristics of the allowance for doubtful accounts method, the purpose, benefits and limitations of it, and any concerns you may have about the President's comment. Add a File Record Audio Activate Windows