Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indice 3 Probiem / 4 (Aigo) uncollectible accounts (LUI-5, 7-6 Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only st December 31, the company's fiscal year end. The 2020 balance sheet disclosed the following Current ante Receivables, net of Loror collectible weet of 47.000 #517.000 During 2021, credit sales were $1,835.000, cash collections from customers 51,915,000, and $56,000 in accounts receivable were written oft In addition 54,700 was collected from a customer whose account was written off in 2020. An aging of accounts receivable at December 31, 2021, reveals the following: G-60 days 11 days -130 day Over 120 days Proyed Sivas 654 15 15 Percent Uhool 48 10 10 50 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 debit expense is estimated to be 3% of credit sales for the year b. Bad debt expense is estimated by adjusting the lowance 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 account is estimated to be 10% of the year-end balance in accounts receivable c. Bad debit 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 in requirement 2 above, what would be the net amount of accounts receivable reported in the 2021 balance . 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? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Flequired 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.) NO Transaction General Journal Debit Credit Bad debt expense 55,050 Allowance for uncollectible accounts 55,050 1 2 Bad debt expense Allowance for uncollectible accounts 3 c Bad debt expense Allowance for uncollectible accounts 42,400 42.400 3 value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible 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 reduc value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible 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 th sheet? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 For situations (a)-(c) In requirement 2 above, what would be the net amount of accounts receivable reported in the 2021 balance sheet? a b. Not account recelvable raported 321,650 338,600 338.709 $ IMC