Raintree Cosmetlc Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded onl at December 31, the company's fiscal year-end. The 2023 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $35,000 $457,000 During 2024, credit sales were $1,775,000, cash collections from customers $1,855,000, and $40,000 in accounts recelvable were written off. In addition, $3,500 was collected from a customer whose account was written off in 2023. An agling of accounts recelvable at December 31, 2024, reveals the following: Required: 1. Prepare summary joumal entries to account for the 2024 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 estlmated to be 3% of credit sales for the year. b. Bad debt expense is estlmated by adjusting the allowance for uncollectlble accounts to the balance that reduces the carrying value of accounts recelvable to the amount of cash expected to be collected. The allowance for uncollectible accounts is estimated to be 10% of the year-end balance in accounts recelvable. c. Bad debt expense is estimated by adjusting the allowance for uncollectlble accounts to the balance that reduces the carrying value of accounts recelvable to the amount of cash expected to be collected. The allowance for uncollectible accounts is determined by an aging of accounts recelvable. 3. For situations (a)-(c) In requirement 2 above, what would be the net amount of accounts recelvable reported in the 2024 balanc sheet? Complete this question by entering your answers in the tabs below. 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 adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected to be collected. 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 adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accounts is determined by an aging of accounts receivable. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Show less A For situations (a)-(c) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2024 balance sheet
