If anyone can assist with these two requirements I would be very appreciative. Thank you
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2017 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $30,000 $432,000 During 2018, 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 2017. An aging of accounts receivable at December 31, 2018, reveals the following: Age Group 0-60 days 61-90 days 91-120 days Over 120 days Percentage of Year-End Receivables in Group 658 20 10 Percent Uncollectible 48 15 25 40 Required: 1. Prepare summary journal entries to account for the 2018 write-offs and the collection of the receivable 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations: previously written of a. Bad debt expense is estimated to be 3% of credit sales for the year. b. Bad debt expense is estimated by computing net realizable value of the receivables. The allowance for uncollectible accounts is estimated to be 10% of the year-end balance in accounts receivable. c. Bad debt expense is estimated by computing net realizable value of the receivables. 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 reported in the 2018 balance sheet? & Answer is not complete. s Hot ihdicate completion Return to question b. Bad debt expense is estimated by computing net realizable value of the receivables. The allowance for uncollectible accounts is estimated to be 10% of the year-end balance in accounts receivable C. Bad debt expense is estimated by computing net realizable value of the receivables. 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 reported in the 2018 balance sheet? & Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the year-end adjusting entry for bad debts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Debit Credit General Journal No Transaction 52.500 Bad debt expense 52,500 a. Allowance for uncollectible accounts Bad debt expense Allowance for uncollectible accounts 2 b. Required 3> Required 1 debt expense is estimated to be 3% of credit sales for the year. b. Bad debt expense is estimated by computing net realizable value of the receivables. The allowance for uncolle accounts is estimated to be 10% of the year-end balance in accounts receivable. c. Bad debt expense is estimated by computing net realizable value of the receivables. The allowance for uncolle accounts is determined by an aging of accounts receivable. -(c) in requirement 2 above, what would be the net amount of accounts receivable reported in balance sheet? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 For situations (a)-(c) in requirement 2 above, what would be the net Bmount of accounts recelvable reported in the 2 balance sheet? Net account receivable reported a. b. c. Requi Required 2
