With excel calculations and work show please

Problem 07-04 RAINTREE COSMETIC COMPANY General Journal Account Debit Credit Requirement 1: To record accounts receivable written off during the year 2021: Allowance for uncollectible accounts Accounts receivable To record collection of account receivable previously written off: Accounts receivable Allowance for uncollectible accounts Cash Accounts receivable Requirement 2(a): Account Debit Credit Bad debt expense Allowance for uncollectible accountsRequirement 2(b): Accounts receivable analysis: Beginning balance Add: Credit sales Less: Write-offs Less: Cash collections Ending balance Required allowance for uncollectible accounts Allowance for uncollectible accounts analysis: Beginning balance Add: Collection of receivable previously written off Less: Write-offs Balance before adjustments Required allowance (determined above) Bad debt expense adjustment Account Debit Credit Bad debt expenseAllowance for uncollectible accounts Requirement 2(c): RAINTREE COSMETIC COMPANY Required Allowance % of Year-end Percent Estimated Age Group Receivables Amount Uncollectible Allowance 0-60 days 65% 4% 61-90 days 20% 15% 91-120 days 10% 25% Over 120 days 5% 40% Totals Allowance for uncollectible accounts analysis: Beginning balance Add: Collection of receivable previously written off Less: Write-offs Balance before adjustments Required allowance Bad debt expense adjustmentAccount Debit Credit Bad debt expense Allowance for uncollectible accounts Requirement 3: RAINTREE COSMETIC COMPANY Net Amount of Accounts Receivable Accounts Year-end Net Receivable Allowance AmountGiven Data P07-04: RAINTREE COSMETIC COMPANY Receivables, net of allowance for uncollectible accounts, 12/31/20 $ 432,000 Allowance for uncollectible accounts, 12/31/20 30,000 Credit sales, year 2021 1,750,000 Cash collections, year 2021 1,830,000 A/R write-offs, year 2021 35,000 Cash collected in 2021 from prior year write off. 3,000 A/R aging at 12/31/2021: % of Year-End Receivables Percent Age Group in Group Uncollectible 0-60 days 65% 4% 61-91 days 20% 15% 91-120 days 10% 25% Over 120 days 5% 40% Bad debt estimate (percentage of credit sales) 3% Estimate of allowance for uncollectible accounts 10%Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's scal year-end. The 2020 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $30,000 $432,000 During 202], credit sales were $1,750,000, cash collections from customers $1,830,000, and $35,000 in accounts receivable were written off. In addition, $3 ,000 was collected from a customer whose account was written off in 2020. An aging of accounts receivable at December 31, 2021, reveals the following: Percentage of Year-End Percent Age Group Receivables in Group Uncollectible 060 days 65% 4% 6190 days 20 15 91120 days 10 25 Over 120 days 5 40 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. b. Bad debt expense is estimated to be 3% of credit sales for the year. 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. . 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