Problem 7-4 (Static) Uncollectible accounts; financial statement effects [LO7-5, 7-6] 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 company's fiscal year-end, The 2023 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncoltectible accounts of $30,000$432,000. During 2024, creclit saies 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 2023. An aging of accounts receivable Required: 1. Prepare summary journal entries to account for the 2024 write-offs and the collection of the receivable previously written off. 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. 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. c. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts recelvable to the amount of cash expected to be collected. The allowance for uncollectible accounts is determined by an aging of accounts receivable. 3. For situations (o)-(c) in requirement 2 above, what would be the net amount of accounts recelvable reported in the 2024 balance Prepare summary journal entries to account for the 2024 write-offs and the collection of the receivable Note: If no entry is required for a transaction/event, select "No journal entry required" in the first acco Journal entry worksheet Record accounts receivable written off during the year 2024 . Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare summary journal entries to account for the 2024 write-offs and the collection of the receivable previously written off Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record entry to reinstate an account receivable previously written off. Note: Enter debits before credits. Journal entry worksheet Record collection of an account receivable previously written off, Note: Enter debits before credits. Journal entry worksheet 3 Bad debt expense is estimated to be 3% of credit sales for the year. Note: Enter debits before credits. 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. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the baiance 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. c. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts recelvable to the amount of cash expected to be collected. The allowance for uncollectible accounts is determined by an aging of accounts receivable. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Journal entry worksheet 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 cysh expected to be collected. The allowance for uncollectible accounts is estimated to be 10% of the year-end balance in accounts Note: Enter debits before credits. 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. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the camping 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. c. Bad debt expense is estimated by adjusting the allowance for uncallectible accounts to the bolance 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 recelvable. Notes If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 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. Complete this question by entering your answers in the tabs below. For situations (a)-(c) in requirement 2 above, what would be the net amount of accourts receivable reported in the 2024 Dalance sheet