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Belle Company has the following account balances at December 31, Year 1 : 1. What are gross receivables at December 31 , Year 1 ? 2. What is the net realizable value of accounts receivable at December 31 , Year 1 ? 3. How much cash does Belle Company expect to collect from its receivitiles? 4. Assume the Company estimates that Bad Debt Expense for Year 1 are 1% of net sales. Prepare the adjusting entry for December 31 , Y ear 1. 5. After the adjusting entry in #4, what are gross receivables? 6. After the adjusting entry in H4, what is the net realizable value of accounts receivable? 7. If an account is written off as uncollectible on January 5 , Year 2 for $1,000 : a. What is the journal entry? b. What impact does the write-off on 1/5/Y2 have on: i. Net income ii. Gross accounts receivable iii. Total current assets iv. Total owners' equity