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 2020 balance sheet disclosed the following Current assets 3 452,800 Receivables, net of allowance for uncollectible accounts of 534,000 During 2021, credit sales were $1770,000, cash collections from customers $1,850,000 and $39,000 in accounts receivable were written oft. In addition $3,400 was collected from a customer whose account was written off in 2020. An aging of accounts receivable at December 31, 2021. reveals the following Percentage of Year-End Percent Age Group Receivables in Group Uncollectible 0-60 days 3% 61.50 days 10 5 91-120 days 20 25 Over 120 days 10 45 Required: 1. Prepare summary journal entries to account for the 2021 wite-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 o. Bad debt expense is estimated to be 2% 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-ond balance in accounts receivable c. Bod debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying volue of accounts recewoble to the amount of cash expected to be collected. The allowance for uncollectible accountsi determined by an aging of accounts receivable 3. For situation (o)-(e) in requirement 2 obove, what would be the net amount of accounts receivable reported in the 2021 balance Journal entry worksheet Record accounts receivable written off during the year 2021. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal Journal entry worksheet Record entry to reinstate an account receivable previously written off. Note: Enter debits before credits Event General Journal Debit Credit 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet