E 7-15 Uncollectible accounts: allowance method; balance sheet approach LO7-5, LO7-6 Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2021. accounts receivable totaled $625.000. The allowance method is used to account for uncollectible accounts. The allowance for uncol lectible accounts had a credit balance of $32,000 at the beginning of 2021 and $21,000 in receivables were writ- ten 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 10% to accounts receivable at the end of the year. Required: Prepare journal entries to record the write-off of receivables, the collection of S1.200 for previously written off receivables, and the year-end adjusting entry for bad debt expense. How would accounts receivable be shown in the 2021 year-end balance sheet