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 year-end adjusting entry to estimate bad debts expense. View transaction list Journal entry worksheet 1 Record the year-end adjusting entry to estimate bad debts expense. Note: Enter debits before credits. Date December 31 General Journal Debit Credit View general journal Record entry Clear entry 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 Current assets Total current assets Assets