6 value 6.00 points Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2015 balance sheet disclosed the following: Current assets Receivables, net of allowance for uncollectible accounts of $31,000 $437,000 During 2016, credit sales were $1,755,000, cash collections from customers $1,835,000, and $36,000 in accounts receivable were written off. In addition, $3,100 was collected from a customer whose account was written off in 2015. An aging of accounts receivable at December 31, 2016, reveals the following Percentage of Year-End Percent Age Group 0-60 days 61-90 days 91-120 days Over 120 days 60% 10 20 10 3% 5 30 45