Question 5 The balance of the Allowance for Doubtful Accounts account at January 1 of the current year was HK$6,800. During the year, accounts receivable in the amount of HK$9,000 were written off. Estimated uncollectible accounts expense for the year amounts to HK$7,200, based on the percentage-of-sales approach. How much is the balance of the Allowance for Doubtful Accounts account to be reported on the statement of financial position at year-end? O HK$14,000 O HK$ 7,200 O HK$8,600 O HK$5,000