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 a1lowance for uneollectible aecounts of $41,000$487,000 During 2024, credit sales were $1,805,000, cash collections from customers $1,885,000, and $50,000 in accounts recelvable were written off. In addition, $4,100 was collected from a customer whose account was written off in 2023. An aging of accounts receivable at December 31, 2024, teveals the following: Required: 1. Prepare summary journal entries to account for the 2024 write-offs and the collection of the recelvable 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 receivable to the amount of cash expected to be collected. The allowance for uncollectible accounts is determined by an aging of accounts receivable. 1. Prepare summary journal entries to account for the 2024 write-offs and the collection of the receivable previously written off. 2. Prepare the yeat-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 yeac. b. 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 estimated to be 10% of the yearend balance in accounts receivable. c. Bod debt expense is estmated 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 (a)- c ) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2024 balance sheet? 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 joumal entry required' in the first account fied. 3. For situations (a)-(c) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2024 balance sheet? Complete this question by entering your answers in the tabs below. Frepare the vearend atiusting entry for bed debts accorting to each of the following situations: a. Hac debt expense is estimated to be 3% of cedit saies for the year. b. fad debt expense is estimated by adjusting the allowance for untollectitile accounts to the balance that reduces the caiming value of accounts receivable to the amourh of cash expected to be collected, The allowance for uncollectide accounts is estimated to be 10% of the year-end boisnce in accounts receivable c. Ead debe expente is estinated by adjusting the allowance for untellectible accounts to the balance that feduces the carrying yalue of accounts recoivable to the ambunt of cash expected to be collected. The allonance for uncollectlele sccounts is determined oy an aging of accounts receivable. Notes If re entry is required for a transactiondevent, seiect "No journal entry required" is the first account field. b. Ejad dobt expenso is estimated by adjusting the afiowance for uncoliectible accounts to the balance that reduces the carrying watue of accounts receivale to the amount of casit expected to be colected. The allowance for uncollectbie accounts is estimated to be 10% of the yeor-end balance in accocints receivable. c. Bad debt expense is estimated by adjusting the aliowance for uncollectible accounts to the balance that recuces the carrying value of accounts receivable to the amount of cash expested to be colected. The allowance for uncollectible eccounts is determined by an aging of accounts receivable. 3. For stuations (in-ic) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2024 balanice sheet? Complete this question by entering your answers in the tabs below. For whuations (e)-(e) in recurement 2 abeve, what wauld ba the het amount of accounts recelyatie reported in the 2024 baisnce akeet