Complete this question by entering your answers in the tabs below. Prepare summary journal entrles to account for the 2024 write-offs and the collection of the receivable previously written off. Note: If no entry is required for a transoction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record entry to reinstate an account receivable previously written off. Note: Enter debits before credits: Complete this question by entering your answers in the tabs beliow. Prepare the yeor-end adjusting entry for bad debts accarding to each of the following situations: a. Bad debt expensen is eatimated to be 3% of credit wies for the rear. b. Bad debt wense is eltimated by adjusting the allswance for uncoliectiple accounts to the balance that reduces the carrying value 10% of the yearend balunct in accounts rrceivabie. aging of account recelvable. shove lanes. Journal entry worksheet - Dbs debe expense is estimated to be 34 of credit sales for the vebr. Mintes finter debens betere oedits. Complete this question by entering your answers in the tabs below. Prepore summary journal entries to account for the 2024 write-offs and the collection of the recelvable previously written off. Note: if no entry is required for a transactionvevent, select "No journal entry required" in the first account fleld. Journal entry worksheet Record collection of an account receivable previously written off. Note Freer debits before crestis. 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 fiscai year-end. The 2023 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $38, eeo $472,600 During 2024, credit sales were $1,790,000, cash collections from customers $1,870,000, and $43,000 in accounts recelvable were written off, in addition, $3,800 was collected from a customer whose account wos written off in 2023. An aging of accounts receivable at December 31, 2024, reveals the following: Required: 1. Prepare summary journal entries to account for the 2024 write-offs and the collection of the receivable previousiy written off. 2. Propare the year-end adjusting entry for bad debts according to each of the following situations: a. Bad debt expense is estimated to be 3% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncollect ble 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 recelvable. c. Bad debt expense is estimated by adjusting the allowance for uncollectible 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 determined by an aging of accounts recelvable. 3. For situations (a)-(c) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2024 balancs Complete this question by entering your answers in the tabs below. Prepare summary journal entries to account for the 2024 write-offs and the collection of the receivable previously written off. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record accounts receivable written off during the year 2024 Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. For situations (a)-(c) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2024 balance sheet? Complete this question by entering your answers in the tabs below. Prepare the year-end adjusting entry for bad debts according to each of the following situations: a. Bad debt expense is estimated to be 3% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balince that reduces the carrying value of accounts receivable to the amount of cosh expected to be collected. The allowance for uncollectible accounts is estimated to be 10% of the year-end balance in accounts recelvable. c. Bad debt expense is estimated by adjusting the allowance for uncollectible 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 determined by an aging of accounts recelvable. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Show less.a Journal entry worksheet Bad debt expense is estimated by adjusting the allowance for uncollectible 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 Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare the year-end adjusting entry for bad debts according to each of the following situations: a. Bad debt expense is estimated to be 3% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncoliectible 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 uncolfectible accounts is determined by an aging of accounts recelvable. Note: if no entry is required for a transactionvevent, select "No journal entry required" in the first account field. Journal entry worksheet 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. Note: Enter debits befere credits