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 $36,80 s 462,880 During 2018, credit sales were $1,780,000, cash collections from customers $1,860,000, and $41,000 in accounts receivable were written off In addition, $3,600 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 Receivables in Group 70% Percent Uncollectible Gr 8-60 days 61-98 days 91-120 days Over 120 days 5% 15 20 43 20 Required: 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: b. Bad debt expense is estimated by computing net realizable value of the recelvables. The allowance for uncollectible accounts is c. Bad debt expense is estimated by computing net realizable value of the recelvables. The allowance for uncollectible accounts is 3. For situations (aj-(c) in requirement 2 above, what would be the net amount of accounts recelvable reported in the 2018 balance Bad debt expense is estimated to be 4% of credit sales for the year. estimated to be 10% of the year-end balance in accounts receivable determined by an aging of accounts recelvable sheet