Lonergan Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, company's fiscal year end. The 2020 balance sheet disclosed the following Current Assets: Receivables, net of allowance for uncollectible accounts of $50,000 $550,000 During 2021, credit sales were $2,500,000, cash collections were $2,100,000, and $55,000 in accounts receivable were written off. In addition, $2,000 was collected from a customer whose account was written of in 2021. REQUIRED: Prepare the summary journal entries to account for the 2021 write offs and the collection of the account previously written off. Prepare the journal entry to record the bad debt expense at the end of 2021, assuming that bad debt expense is estimated to be 3% of credit sales. What is the net realizable value of the receivables at 12/31/21? Prepare the journal entry to record the bad debt expense at the end of 2021, assuming that allowance for uncollectible accounts is estimated to be 10% of the year-end balance in accounts receivable. What is the net realizable value of the receivables at 12/31/21