Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded onlyr at December 31, the company's scal year~end. The 2015 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $45,000 $507,000 During 2016, credit sales were $1,825,000, cash collections from customers $1,905,000, and $54,000 in accounts receivable were written 011. In addition, $4,500 was collected from a customer whose account was written off in 2015. An aging of accounts receivable at December 31, 2016, reveals the following: Percentage of YearEnd _ Percent Age Group Receivables in Group Uncoilectibiev [160 days 750% 5% 6190 days 20 15 91120 days 5 20 Over 120 days 5 40 Required: 1. Prepare summary journal entries to account for the 2016 writeos and the collection of the receivable previously written off. {If no entry is required for a transactionlevent, select "No joumal entry required" in the rst account eldJ View transaction list View general joumal Allowance for uncollectible accounts Accounts receivable Accounts receivable 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 4% of credit sales for the year. b. Bad debt expense is estimated by computing net realizable value of the receivables. The allowance for uncollectible accounts is estimated to be 10% of the yearend balance in accounts receivable. c. Bad debt expense is estimated by computing net realizable value of the receivables. The allowance for uncollectible accounts is determined by an aging of accounts receivable. [If no entry is required for a transactiontevent, select "No journal entry required" in the rst account eld.) View transaction list journal entry worksheet Bad debt expense Allowance for uncollectible accounts 73,000 5 Bad debt expense 46,300 - Allowance for uncollectible accounts 46,300 g I l . | . | . Bad debt expense Allowance for uncollectible accounts 3. For situations (a)(c) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2016 balance sheet