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THMG 310-001, Spring 2022 Assignment 4, Chopters 7 & 8 Total - 64 marks Due: Friday, March 11, 2022 Question 4 (7 marks) Willow Whisper is a rustic resort and spa. The resort has an Accounts Receivable balance of $250,000 as of December 31, 2021, and an Allowance for Doubtful Accounts balance of $15,000 Aged Accounts Receivable Summary, December 31, 2021 0-30 days 31-60 days 61-90 days 91+ days Balance $250,000 Estimated Uncollectible $95,000 0.50% $63,500 1% $49,500 10% $42,000 50% Required 1. In your own words, and using the question information, explain to the Company what the terms Accounts Receivable and Allowance for Doubtful Accounts mean. 2. Calculate and determine if the current balance of $15,000 in the Allowance for Doubtful Accounts is sufficient based on the current Accounts Receivable Aging summary