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Time Remaining $3$ hours $31$ minutes $45$ seconds$03$:$31$:$45$

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Time Remaining $3$ hours $31$ minutes $45$ seconds$03$:$31$:$45$

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 $2023$ balance sheet disclosed the following:

Current assets:

Receivables, net $of$ allowance for uncollectible accounts $of$ $$41,000$ $ $487,000$

During $2024,$ credit sales were $$1,805,000,$ cash collections from customers $$1,885,000,$ and $$50,000in$ accounts receivable were written off. $In$ addition, $$4,100$ was collected from a customer whose account was written off $in2023.An$ aging $of$ accounts receivable $at$ December $31,2024,$ reveals the following:

Age Group Percentage $of$ Year$-$End Receivables $in$ Group Percent Uncollectible

$0-60$ days $65\%4\%$

$61-90$ days $1510$

$91-120$ days $1530$

Over $120$ days $550$

Required:

Prepare summary journal entries $to$ account for the $2024$ write$-$offs and the collection $of$ the receivable previously written off.

Prepare the year$-$end adjusting entry for bad debts according $to$ each $of$ the following situations:

Bad debt expense $is$ estimated $tobe3\%of$ 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 $tobe$ collected. The allowance for uncollectible accounts $is$ estimated $tobe10\%of$ 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 $tobe$ collected. The allowance for uncollectible accounts $is$ determined $byan$ aging $of$ accounts receivable.

For situations $(a)-(c)in$ requirement $2$ above, what would $be$ the net amount $of$ accounts receivable reported $in$ the $2024$ balance sheet?