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 2017 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $5e,800 $532,8ee During 2018, credit sales were $1,850,000, cash collections from customers $1,930,000, and $59,000 In accounts recelvable were written off. In addition, $5,000 was collected from a customer whose account was written off In 2017. An aging of accounts recelvable at December 31, 2018, reveals the following: Percentage of Year-End Receivables in Group 55% 15 15 Percent Uncollectible Age Group 8-68 days 4% 1e 30 5e 61-98 days 91-12e days Over 128 days Requlrec 1. Prepare summary Journal entries to account for the 2018 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 computing net realizable value of the recelvables. 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 computing net realizable value of the receivables. The allowance for uncollectible accounts is determined by an aging of accounts recelvable 3. For situations (a)-(c) In requlrement 2 above, what would be the net amount of accounts recelvable reported In the 2018 balance sheet? Complete this question by entering your answers in the tabs below Required 1Required 2Required 3 Prepare summary journal entries to account for the 2018 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 Record accounts receivable written off during the year 2018