please complete both questions

Exercise 7-15 (Algo) Uncollectible accounts; allowance method; balance sheet approach [LO7-5, 7-6) Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2021, accounts receivable totaled $665,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $40,000 at the beginning of 2021 and $25,000 in receivables were written off during the year as uncollectible. Also, $2,000 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 15% to accounts receivable at the end of the year. Required: 1. Prepare journal entries to record the write-off of receivables, the collection of $2,000 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 not complete. 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 $2,000 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.) No Event General Journal Credit Debit 25,000 Allowance for uncollectible accounts Accounts receivable 25,000 1. Prepare journal entes to record the write-On or receivables, the collection ID4UVUM previousy written on receivables, and year-end adjusting entry for bad debt expense. 2. How would accounts receivable be shown in the 2021 year-end balance sheet? Answer is not complete. 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 $2,000 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.) No Event Credit General Journal Allowance for uncollectible accounts Accounts receivable Debit 25,000 1 25,000 2 2,000 Accounts receivable Allowance for uncollectible accounts 2,000 Cash Accounts receivable ooo00 2,000 2,000 Bad debt expense Allowance for uncollectible accounts Required 1 Required 2 Prepare journal entries to record the write-off of receivables, the collection of $2,000 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.) View transaction list cBook Journal entry worksheet Print Record bad debt expense for the year. ferences Note: Enter debits before credits. Event Debit Credit General Journal Bad debt expense Allowance for uncolectible accounts Record entry Clear entry View general Journal Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2021, accounts receivable totaled $665,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $40,000 at the beginning of 2021 and $25,000 in receivables were written off during the year as uncollectible. Also, $2,000 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 15% to accounts receivable at the end of the year. Required: 1. Prepare journal entries to record the write-off of receivables, the collection of $2,000 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 How would accounts receivable be shown in the 2021 year-end balance sheet? Balance Sheet (Partial) Current Assets Accounts receivable (net)