121 Saved In its first year of operations, Cloudbox has credit sales of $212,000. Its year-end balance in accounts receivable is $11,200, and the company estimates that $2,100 of its accounts receivable is uncollectible. a. Prepare the year-end adjusting entry to estimate bad debts expense. b. Prepare the current assets section of Cloudbox's classified balance sheet assuming Inventory is $25,000. Cash is $17,000, and Prepaid Rent is $3,300. Note The company reports Accounts receivable, net on the balance sheet Complete this question by entering your answers in the tabs below. Required A Required B Prepare the year-end adjusting entry to estimate bad debts expense. View transaction list Journal entry worksheet Record the year-end adjusting entry to estimate bad debts expense. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Prepare the current assets section of Cloudbox's classified balance sheet assuming Inventory is $25,000, Cash is $17,000, and Prepaid Rent is $3,300. Note: The company reports Accounts receivable, net on the balance sheet. CLOUDBOX Balance Sheet Assets Current assets Total current assets < Required A Required >