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 2015 balance sheet disclosed the following: Current assets Receivables, net of allowance for uncollectible accounts of $33,000 $447,000 During 2016, credit sales were $1,765,000, cash collections from customers $1,845,000, and $38,000 in accounts receivable were written off. In addition, $3,300 was collected from a customer whose account was written off in 2015. An aging of accounts receivable at December 31, 2016, reveals the following: Percentage of Year-End Percent Receivables in Group Age Group Uncollectible 0-60 days 70% 5% 61-90 days 20 15 91-120 days 20 Over 120 days 40 Required: 1. Prepare summary journal entries to account for the 2016 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 general journal view transaction list Event General Journal Debit 1 38,000 Allowance for uncollectible accounts 38,000 Accounts receivable 2 3,300 Accounts receivable Allowance for uncollectible accounts 3,300 3 Cash 3,300 Accounts receivable 3,300