24 Exercise 7-6 (Static) Recording and reporting allowance for doubtful accounts LO P2 10 points in its filst year of operations, Cloudbox has credit sales of $200,000. It year-end balance in accounts receivable is $10,000, and the company estimates that $1,500 of its accounts recelvable is uncollectible company estimates that $1,500 of its accounts recelvable 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 $22,000, Cash is $14,000, and Prepaid Rent is $3,000. 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 Pre