PRACTICAL APPLIATION #5 B. Assume that Rankin Company's estimates uncollectible accounts at 1% of total net sales. Total net sales for the year were $500,000; receivables at year-end were $100,000; and the Allowance for Doubtful Accounts had a zero balance. Required: 1. Compute the estimated uncollectible accounts at the end of the year using Allowance for Doubtful Account, and record this entry