In its first year of operations, Cloudbox has credit sales of $220,000. Its year-end balance in accounts receivable is $12,000, and the company estimates that $2,500 of its accounts receivable is uncollectible. a. Prepare the year-end adjusting entry to estimate bad debts expense. b. Prepare the current assets section of Cloudbox's classified balance sheet assuming Inventory is $27,000, Cash is $19,000, and Prepaid Rent is $3,500. Note: The company reports Accounts receivable, net on the balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the current assets section of Cloudbox's classified balance sheet assuming Inventory is $27,000, Cash is $19,000, and Prepaid Rent is $3,500. Note: The company reports Accounts receivable, net on the balance sheet. CLOUDBOX Balance Sheet Assets Current assets Cash Accounts receivable, net Inventory Prepaid rent $ 19,000 27,000 3,500 Total current assets $ 49,500 < Required A Required B