Help Save&Esit Exercise 7-11 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 2018, accounts receivable totaled $650,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $37000 at the beginning of 2018 and $23,500 in receivables were written off during the year as uncollectible. Aiso $1700 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 1. Prepare journal entries to record the write-off of receivables, the collection of $1700 for previously witten off receivables. and the year-end adjusting entry for bad debt expense 2. How would accounts receivable be shown in the 2018 year-end balance sheet? Complete this question by entering your answers in the tabs below Required 1 Required 2 Prepare journal entries to record the write-off of receivables, the collection of $1,700 for previously wiritten off receivables, and the year-end adjusting entry for bad debt expense. (If no entry is required for a transaction/event, select Noura acBoo 4 3