Need help with requirement 2 and 3

b. 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. c. 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 the first account field.) Prepare the year-end adjusting entry for bad debts. (If no entry is required for a transaction/event, select "No journal entry required" in View transaction list View journal entry worksheet X :...... No Transaction General Journal Debit Credit 1 a. Bad debt expense 71,800 1958 Allowance for uncollectible accounts 71,800Raintree 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 yearend. The 2020 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $39,880 $ 472,806 During 2021, credit sales were $1,295,000, cash collections from customers $1,815,000, and $44,000 in accounts receivable were written off. In addition. $3,900 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 YearEnd Percent Age Group Receivables in Grow Uncollectible 068 days 70% 5% 6198 days 20 15 91120 days 5 20 Over 126 days 5 40 Required: 1. Prepare summaryjournal entries to account for the 2021 writeoffs and the collection of the receivable previously written off. 2. Prepare the yearend adjusting entry for bad debts according to each of the following situations: a. Bad debt expense is estimated to be 4% of credit sales for the year b. 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 yearend balance in accounts receivable. 1495