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I don't know how to get the bad debt expense and #2. Colorado Rocky Cookie Company offers credit terms to its customers. At the end

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I don't know how to get the bad debt expense and #2.

Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2021, accounts receivable totaled $705,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $48,000 at the beginning of 2021 and $29,000 in receivables were written off during the year as uncollectible. Also, $2,800 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: 1. Prepare journal entries to record the write-off of receivables, the collection of $2,800 for previously written off receivables, and the year-end adjusting entry for bad debt expense. 2. How would accounts receivable be shown in the 2021 year-end balance sheet? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the write-off of receivables, the collection of $2,800 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.) Credit No 1 Event 1 General Journal Allowance for uncollectible accounts Accounts receivable Debit 29,000 29,000 2,800 Accounts receivable Allowance for uncollectible accounts 2,800 2,800 Cash Accounts receivable 2,800 45,800 X Bad debt expense Allowance for uncollectible accounts 45,800

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