Exercise 7-11 Uncollectible accounts; allowance method; balance sheet approach [LO7-5,7-6] Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2018, 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 2018 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. Required 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 2. How would accounts receivable be shown in the 2018 year-end balance sheet? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below Required 1Required 2 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.) No Event General Journal Debit Credit Allowance for uncollectible accounts 28,500 Accounts receivable 28,500 Accounts receivable 2,700 Allowance for uncollectible accounts 2,700 Cash 2,700 Accounts receivable 2,700 Bad debt expense 58,000 Allowance for uncollectible accounts 58,000 Required 1 Required 2>