Please help in finding and/or coming to the correct formulasumbers to plug in beginning from Requirement Part 2(b) to Requirement 3. Everything that has a number of 22,222 needs to be replaced.

The following information will be useful.

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 companys fiscal year-end. The 2020 balance sheet disclosed the following:

Current assets:

Receivables, net of allowance for uncollectible accounts of $30,000 $432,000

During 2021, 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 2020. An aging of accounts receivable at December 31, 2021, reveals the following:

Age Group	Percentage of Year-End Receivables in Group	Percent Uncollectible
060 days	65%	4%
6190 days	20	15
91120 days	10	25
Over 120 day	5	40

Required:

1) Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off. DONE

2) Prepare the year-end adjusting entry for bad debts according to each of the following situations:

(a) Bad debt expense is estimated to be 3% of credit sales for the year. DONE

(b) Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accounts is estimated to be 10% of the year-end balance in accounts receivable. HELP

(c) Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accounts is determined by an aging of accounts receivable. PARTIAL HELP

3) For situations (a)(c) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2021 balance sheet? HELP

RAINTREE COSMETIC COMPANY General Journal Credit Account Debit Requirement 1: To record accounts receivable written off during the year 2021: Allowance for uncollectible accounts Accounts receivable 35,000 35,000 - Correct! To record collection of account receivable previously written off: Accounts receivable Allowance for uncollectible accounts 3,000 200 3,000 - Correct! 3,000 Cash Accounts receivable 3,000 - Correct! Credit Requirement 2(a): Account Bad debt expense Allowance for uncollectible accounts Debit 52,500 52,500