Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded at December 31, the company's fiscal year-end. The 2023 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $39,000 $ 477, 000 During 2024, credit sales were $1,795,000, cash collections from customers $1,875,000, and $44,000 in accounts receivable were written off. In addition, $3,900 was collected from a customer whose account was written off In 2023. An aging of accounts receivab at December 31, 2024, reveals the following: Percentage of Year- End Receivables in Age Group Group Uncollectible 0-60 days 58 61-90 days 20 25 91-120 days 5 20 Over 120 days Required; 1, Prepare summary journal entries to account for the 2024 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: a, Bad debt expense is estimated to be 4% 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 estimatedd to be 10% of the yearend balance in accounts receivable. c, Bad debt expense is estimated by aglusting me alowance 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 deleimined by an aging of accounts receivable