CCT 3110 Spring 2019 7.Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2018, accounts receivable totaled $625,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $32,000 at the beginning of 2018 and $21,000 in receivables were written off during the year as uncollectible. Also, $1,200 in cash was received in December from a customer whose account previously had been written off. The company estimates bad debts by applying a percentage of 1 1% to accounts receivable at the end of the year. A. Prepare the year-end adjusting entry for bad debt expense. B. How would accounts receivable be shown in the 2018 year-end balance sheet