ation.com/fiow/connect.htm Saved Help Save & Exit Submit my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 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 fiscal year-end. The 2020 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $38,000 $ 472,000 During 2021, credit sales were $1,790,000, cash collections from customers $1,870,000, and $43,000 in accounts receivable were written off. In addition, $3,800 was collected from a customer whose account was wrltten off in 2020. An aging of accounts recelvable at December 31, 2021, reveals the following Percentage of Year-End Receivables in Group 65% 15 Percent Age Group 0-60 days 61-90 days 91-120 days Over 120 days Uncollectible 4% 10 30 50 15 Required 1. Prepare summary journal entries to account for the 2021 write-offs and tne collectlon ofthe recevable previously wilten off 2. Preoare the vear-end adiustino entrv for bad debts accordino to each of the followino situetions Ask me anything hp 3 C (7 Gn