7 Age Group 8-60 days 61-90 days 91-120 days Over 120 days Percentage of Year End Receivables in Group 605 10 20 10 Percent Uncollectible 31 5 25 45 3 points eBook Print Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off, 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations: a. Bad debt expense is estimated to be 2% of credit sales for the year, b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accounts is estimated to be 10% of the year-end balance in accounts receivable. c. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accounts is determined by an aging of accounts receivable, 3. For situations (a)-(c) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2021 balance sheet? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Predare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written oft (ir no entry is required for a transaction/event, select "No journal entry required in the first account Meld.) View transaction lit Journal entry worksheet 2 3 > OK eure in the first account field.) no entry View transaction list Print Journal entry worksheet LUUS DUIW. Required 1 Required 2 Required 3 Prepare the year-end adjusting entry for bad debts. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Book View transaction list Print Journal entry worksheet U xpense is estimated to be 2% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces th value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accou estimated to be 10% of the year-end balance in accounts receivable. c. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accoun determined by an aging of accounts receivable. 3. For situations (a)-(c) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2021 sheet? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 For situations (a)-(c) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2021 balance sheet? Net account receivable reported b. Required 2 7 Age Group 8-60 days 61-90 days 91-120 days Over 120 days Percentage of Year End Receivables in Group 605 10 20 10 Percent Uncollectible 31 5 25 45 3 points eBook Print Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off, 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations: a. Bad debt expense is estimated to be 2% of credit sales for the year, b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accounts is estimated to be 10% of the year-end balance in accounts receivable. c. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accounts is determined by an aging of accounts receivable, 3. For situations (a)-(c) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2021 balance sheet? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Predare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written oft (ir no entry is required for a transaction/event, select "No journal entry required in the first account Meld.) View transaction lit Journal entry worksheet 2 3 > OK eure in the first account field.) no entry View transaction list Print Journal entry worksheet LUUS DUIW. Required 1 Required 2 Required 3 Prepare the year-end adjusting entry for bad debts. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Book View transaction list Print Journal entry worksheet U xpense is estimated to be 2% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces th value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accou estimated to be 10% of the year-end balance in accounts receivable. c. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accoun determined by an aging of accounts receivable. 3. For situations (a)-(c) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2021 sheet? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 For situations (a)-(c) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2021 balance sheet? Net account receivable reported b. Required 2