Reqmnt 2 b & c and Reqmnt 3

Current assets: Receivables, net of allowance for uncollectible accounts of $45,090 $ 507, 090 During 2021, credit sales were $1.825,000, cash collections from customers $1,905,000, and $54,000 In accounts receivable were 16.66 written off. In addition, $4,500 was collected from a customer whose account was written off In 2020. An aging of accounts receivable points at December 31, 2021, reveals the following: Percentage of Year- End Percent Age Group Receivables in Group Uncollectible Book 0-60 days 70% 5% 61-90 days 20 15 91-120 days 20 Over 120 days 48 Print Required: References 1. Prepare summary Journal entries to account for the 2021 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: a. Bad debt expense is estimated to be 4% 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. 3. For situations (a)=(c) In requirement 2 above, what would be the net amount of accounts receivable reported In the 2021 balance sheet? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 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 1 Bad debt expense 73,000 Allowance for uncollectible accounts 73,000 b. Bad debt expense Allowance for uncollectible accounts 3 C . Bad debt expense Allowance for uncollectible accounts