Question: Please answer question 18, 19 From Chapter 5: Explain, using your own words: what is the Allowance For Uncollectible Accounts ? What is it used

Please answer question 18, 19

From Chapter 5: Explain, using your own words: what is the "Allowance For Uncollectible Accounts" ? What is it used for? Does it have a normal debit or credit balance? What does a debit to the account represent? What does a credit represent? (in other words, what types of transactions would result in a debit and what types of transactions would result in a credit to this account?) Which Financial Statement does the account show up on? ( 2 points) Question 19: From Chapter 6: Explain, using your own words: what is "Cost of Goods Sold" ? How is it calculated? Will the calculation change if the company uses LIFO vs FIFO to value inventory? Which Financial Statement does the account show up on? (1 point)

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