Bulldua d Son's sells its products to customers on a Credit basis, An adjusting for bad debt expense is recorded only at Dec. 31, year end. 2020 Balance Sheet showed: Current assets! Receivables, bet of allowance for un collectible accts. of 45,000.) During 2021, credit sales were 1,825000 Cash Collections from customers 1905 poo Account Receivables: written off 0854,000 Collected from customer whose 4500 Acct. was previously written off Account Receivables written off Collected from customer whose acct. was previously written off 0554,000 4500 152 Aging of accounts receivable at Dec. 31,2021 reveals the following: Percentage of 501,000 Age Group Year-End Receivables in Group Percent Uncollectible 10-60 days 70% 57 61-90 doup 20% al-120 days 5% 20% > 120 days 5% 40% o 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 a.) Bad debt expense is estimated to be 4% of credit sales for the year noun ne 2021 Billdag & Son's 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 2020 balance sheet discosed the following Don't Current assets: Receivables, net of allowance for uncollectible accounts of S45,000 $ 507.000 During 2021, credit sales were $1,825,000, cash collections from customers $1,905,000, and $54,000 in accounts receivable were written off. In addition, $4,500 was collected from a customer whose account was written off in 2020. An aging of accounts receivable at December 31, 2021, reveals the following: Percentage of Year-End Percent Age Group Receivables in Group Uncollectible 0-60 days 70% 386400 -5% 193201 61-90 days 20 10400 15 16560 91-120 days 5 27 60 20 3320 Over 120 days 5 40 11040 52440 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 4% 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? Know if this is right just bring to figure it out