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 companys fiscal year-end. The 2017 balance sheet disclosed the following:

Current assets:
Receivables, net of allowance for uncollectible accounts of $45,000	$	507,000

During 2018, credit sales were $1,825,000, cash collections from customers $1,905,000, and $54,000 in accounts receivable were written off. In addition, $4,500 was collected from a customer whose account was written off in 2017. An aging of accounts receivable at December 31, 2018, reveals the following:

	Percentage of Year-End		Percent
Age Group	Receivables in Group		Uncollectible
060 days	70	%	5	%
6190 days	20		15
91120 days	5		20
Over 120 days	5		40

Required:

1. Prepare summary journal entries to account for the 2018 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:

1. Bad debt expense is estimated to be 4% of credit sales for the year.
2. 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 year-end balance in accounts receivable.
3. 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.

3. For situations (a)(c) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2018 balance sheet?Disregard my numbers and calculations because they are incorrect

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 View journal entry worksheet Event General Journal Debit Credit Allowance for uncollectible accounts 54,000 Accounts receivable 54,000 2 2 Accounts receivable 4,500 Allowance for uncollectible accounts 4,500 Cash 4,500 Accounts receivable 4,500 Required 1 Required 2> Complete this question by entering your answers in the tabs below Required 1Required 2Required 3 Prepare the year-end adjusting entry for bad debts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Bad debt expense 73,000 Allowance for uncollectible accounts 73,000 2 Bad debt expense 45,100 Allowance for uncollectible accounts 45,100 . Bad debt expense 44,210 Allowance for uncollectible accounts 44,210 K Required 1 Required 3 > Complete this question by entering your answers in the tabs below. Required 1 Required 2Required 3 For situations (a)-(c) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2018 balance sheet? Net account a. b. C. receivable reported 349,500 376,200 378,290 K Required 2 Required 3