Question 1 (of 2) 11.25 points Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt is recorded only at December 31, the company's fiscal year-end. The 2015 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $50,000 $532,000 During 2016, credit sales were $1,850,000, cash collections from customers $1,930,000, and $59,000 in accounts receivable were written off. In addition, $5,000 was collected from a customer whose account was written off An aging of accounts receivable at December 31, 2016. reveals the following Percentage of Year-End Percent e Group Receivables in Group Uncollectibl 0-60 days 65% 4% 61-90 days 15 10 91-120 days over 120 days Required 1. Prepare summary journal entries to account for the 20 write-offs and the collection of the receivable previously written off. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Journal Entry Worksheet 000 Chapter 6