sells ts 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 $45,000 507,000 uring 2018, credit sales were $1,825,000, cash collections from customers $1,905,000, and $54,000 in accounts receivable were wirtten oft In addtion S4,500 was collected from a customer whose account was written offin 2017. An aging of accounts receivable at December 31, 2018, reveals the following: Age Group 0-60 days 61-90 days 91-120 days Over 120 days Percentage of Year-End Receivables in Group 70% 20 Percent Uncollectible 58 15 20 40 Required: 1. Prepare summary journal entries to account for the 2018 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: b. Bad debt expense is estimated by computing c. Bad debt expense is estimated by computing net realizable value of the receivables. The allowance for uncollectible accounts is 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 receivable. net realizable value of the receivables. The allowance for uncollectible accounts is 3. For situations (o)-(e) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2018 balance sheet