23 In its first year of operations, Cloudbox has credit sales of $230,000. Its year-end balance in accounts receivable is $13,000, and the company estimates that $3,000 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 $29,500, Cash is $21,500, and Prepaid Rent is $3,750. Note: The company reports Accounts receivable, net on the balance sheet. Complete this question by entering your answers in the tabs below. Mc Graw Hill Required A Required B Prepare the year-end adjusting entry to estimate bad debts expense. View transaction list Journal entry worksheet < 1 Record the year-end adjusting entry to estimate bad debts expense. Note: Enter debits before credits. Date December 31 General Journal Debit Credit < Prev 23 of 70 Next >