Check Exercise 7-15 (Static) Uncollectible accounts; allowance method; balance sheet approach (LO7-5, 7-6) Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2021 accounts receivable totaled $625,000 The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $32,000 at the beginning of 2021 and $21.000 in receivables were written off during the year as uncollectible. Also 51200 in cash was received in December from a customer whose account previously had been written off. The company estimates bad debts by applying a percentage of 10% to accounts receivable at the end of the year. Required: 1. Prepare Journal entries to record the write-off of receivables, the collection of $1,200 for previously written off receivables, and the year-end adjusting entry for bad debt expense. 2. How would accounts receivable be shown in the 2021 year-end balance sheer? Complete this question by entering your answers in the tabs below. Required 1 Required 2 How would accounts receivable be shown in the 2021 year end balance sheet Balance Sheet (Partial) Current Assets