what is a good response to the following post made by a clasmate? Allowance for Doubtful Accounts Often referred to as Allowance for Uncollectable Accounts, this is a specific contra-asset account used alongside accounts receivable. It represents the amount of receivables the company estimates it will not be able to collect and effectively reduces the gross accounts receivable balance to its net realizable value, ensuring that financial statements provide a fair view of the company's financial position