Question $1($Estimating Credit Losses, Impairment Loss of Receivable & Allowance for Impairment, Adjusting Entries$)$

A wholesale firm, "Easy Buy" uses the aging approach to estimate its yearly doubtful debt expense and provision. The provision is based on the year$-$end balances of each of the following three aging groups' accounts receivable multiplied by the average loss rate estimated by the accountant of the firm.

$\backslash$table$[[,$Aging,$\backslash$table$[[$Balance as at$],[31$ Dec $2023]],$Average Loss Rate$],[1,$Not yet due,$$295,000,2\mathrm{.}5\%$