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 yearend. The 2023 balance sheet disclosed the following: Current assets: hecalvables, net of allowance for uncollectible, accounts of S49, wiet S527,008 During 2024, credit sales were $1,845.000, cash collections from customers $1,925.000, and $58,000 in accounts recelvable were written off. in addition, $4.900 was collected from a customer whose account was written oft in 2023 . An aging of accounts receivable at December 31,2024 , reveals the following Requlred: 1. Prepare summary journal entres to account for the 2024 write-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: Q. Bad debt expense is estimated to be 28 of credit sales for the year. b. Bad debt expense is estimated by adjusting the aliowance for uncoliectible accounts to the balance that reduces the carrying value of accounts recevable to the amount of cash expected to be collected. The allowance for uncoliect ble accounts is estimated to be 10% of the year-end balance in accounts receivable. c. Bad debt expense is estimated by adjusting the ollowance for uncollectible accounts to the balance that reduces the carying value of bccouats recelivable to the amount of cash expected to be collected. The alsowance for uncollectible accounts is determined by an aging of accounts receivable