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During 2021 , credit sales were $1,750,000, cash collections from customers $1,830,000, and $35,000 in accounts receivable were written off. In addition, $3,000 was collected from a customer whose account was written off in 2020. An aging of accounts receivable at December 31, 2021, reveals the following: Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previ ously written off. 2. 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 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 receiva 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 uncollectible accounts is determined by an aging of accounts receivable. 3. For situations (a) - (c) in requirement 2 above, what would be the net amount of accounts receivable repor RAINTREE COSMETIC COMPANY General Journal Debit Credit receivable written off during the vaar 01 : ollectible accounts able s-Tryagair of account receivable previously writen oft. collectible accounts - Tryagain! Ko Try again! Requirement 2(c): RAINTREE COSMETIC COMPANY Required Allowance Requirement 3: RAINTREE COSMETIC COMPANY Net Amount of Accounts Receivable RAINTREE COSMETIC COMPANY Net Amount of Accounts Receivable During 2021 , credit sales were $1,750,000, cash collections from customers $1,830,000, and $35,000 in accounts receivable were written off. In addition, $3,000 was collected from a customer whose account was written off in 2020. An aging of accounts receivable at December 31, 2021, reveals the following: Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previ ously written off. 2. 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 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 receiva 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 uncollectible accounts is determined by an aging of accounts receivable. 3. For situations (a) - (c) in requirement 2 above, what would be the net amount of accounts receivable repor RAINTREE COSMETIC COMPANY General Journal Debit Credit receivable written off during the vaar 01 : ollectible accounts able s-Tryagair of account receivable previously writen oft. collectible accounts - Tryagain! Ko Try again! Requirement 2(c): RAINTREE COSMETIC COMPANY Required Allowance Requirement 3: RAINTREE COSMETIC COMPANY Net Amount of Accounts Receivable RAINTREE COSMETIC COMPANY Net Amount of Accounts Receivable
