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 recelvable reported in the 2024 baland sheet? Complete this question by entering your answers in the tabs below. Prepare summary joumal entries to account for the 2024 write-offs and the collection of the receivable previotsly written off: Note- If so entry is mequited for a transactionievent, select "No joumal entry required" in the first accoont field. 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 2023 balance sheet disclosed the following: Current assets: Receivables, not of allowance for uncollectible accounts of $37,000 $467,000 During 2024, credit sales were $1,785,000, cash collections from customers $1,865,000, and $42,000 in accounts receivable were written off. In addition, $3,700 was collected from a customer whose account was written off in 2023. An aging of accounts receivable at December 31,2024 , reveals the following: Required: 1. Prepare summary joumal entries to account for the 2024 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 uncollect bile accounts to the balance that reduces the carrying value of accounts recelvable 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 baiance that reduces the carrying value of accounts recelvable to the amount of cash expected to be collected. The allowance for uncollectible accounts is determined by an aging of accounts receivable. 3. For situstions (a)(c) in requirement 2 above, what would be the net amount of accounts recelvable reported in the 2024 balance sheet? Journal entry worksheet (t) mecrivitye 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 adfusting 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 eftimated to be 10% of the year-end balance in accounts recevable. c. Bod debt expense is estimated by adjusting the altowatte for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected to be collected. The allowince for uncoliectible accounts is determined by an aging of accounts receivable. 3. Fot situations (a)(c) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2024 balanc sheet
