Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2016, accounts receivable totaled $700,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $47,000 at the beginning of 2016 and $28,500 in receivables were written off during the year as uncollectible. Also, $2,700 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 15% to accounts receivable at the end of the year

1) Prepare journal entries to record the write-off of receivables, the collection of $2,700 for previously written off receivables, and the year-end adjusting entry for bad debt expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2.	How would accounts receivable be shown in the 2016 year-end balance sheet?