ense is estimated by adjusting the allowance for uncolled ble to the amount of cash expected to be collected. The ivable. y is required for a transaction/event, select "No journal entry worksheet 1. Prepare summary journal entries to account for the 2024 wrile-offs and the collection of the receivable previousty writren off 2. Prepare the year-end adjusung entry for bad debts according to each of the following stusations: a. Bad debt expense is estumated to be 3% of credit sales for the year b. Bad debt expense is estimated by adjusting the allowance for uncollectuble accounts to the balance that reduces the carrying value of accounts recelvable to the amount of cash expected to be collected. The allowerife for uncolfoctible accounts is ertamated to be 10% of the year-end balance in accounts recelvable. c. Bad debt expense ts estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying valie of accounts recelvable to the amount of cash expected to be collected. The allowance for uncollectible accounts is determined by an aging of accounts recewable. 3. For situasons (a)(c) in requirement 2 above. whot would be the net amount of accounts recelvable reported in the 2024 balance sheer? Complete this question by entering your answers in the tabs below. For situations (a) - (c) itr requirement 2 above, what would be the net amount of accounts receivable reported in the 2024 balanos sheet? le written off during the year 2024 Raintree Coemetic Compary celis its products to cusbomers on a credit bask. An adfusting entry for bad deat expense is recortied coly at December 31, the company flucal year end. The 2023 botance sheet disclosed the foliowing current asirts: 345, eno of December at, 2024, reveals the following: Required: 1. Prepare summary foumal entres is account for the 2024 witte-offs and the coliection of the tecelvable previously written off. 2. Prepore the yesf-end adjusting entry for bad debts according to each of the following situstions: 6. Bod debt expense as entmoted to be 34 of credit sales for the year b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that feduces the cerning value of accounts recelvable to the amount of cosh expected to be collected. The allowance for uncollectole occounts is extimaled to be tots of the year end oalance in occounts recemabie. c. Bad debt expense is estimated by adjusting the allowasce for uncollectible accounts to the balsnce that reduces the carying value of accounts fecembole to the amount of cosh erpected to be collected. The allowance for uncoliectible icteunts is deserthined by an aging of sccounts recewable
