Return to quest Haintree cosmetic Company sens its products to customers on a creart basis. An adjusung entry for Dad Geot expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assetsi Receivables, net of allowance for uncollectible 10 points During 2021, credit sales were $1,840,000, cash collections from customers $1920,000, and $57000 in accounts receivable were written off. In addition, $4,800 was collected from a customer whose account was written off in 2020. An aging of accounts receivable at December 31, 2021, reveals the following: Age Group 0-60 days Percentage of Year-End Receivables in Group Percent Uncollectible 701 20 91-90 days 91-120 days Over 120 days Required: 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