To Do Assignments apter 07 Pre-Built Problems Help Save& Exit Submit 2 at December 31, the company's fiscal year-end. The 2017 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $41,000 487,000 During 2018, credit sales were $1,805,000, cash collections from customers $1,885,000, and $50,000 in accounts receivable were written off. In addition, $4,100 was collected from a customer whose account was written off in 2017. An aging of accounts receivable at December 31, 2018, reveals the following: Print Group Receivables in Group 0-60 days 61-90 days 91-120 days Over 120 days 15 15 Required 1. Prepare summary journal entries tb account for the 2018 write-offs and the collection of the receivable previously written off 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations: Bad debt expense is estimated to be 3% of credit sales for the year. estimated to be 10% of the year-end balance in accounts receivable. determined by an aging of accounts receivable. a. b. Bad debt expense is estimated by computing net realizable value of the receivables. The allowance for uncollectible accounts is c. Bad debt expense is estimated by computing net realizable value of the receivables. The allowance for uncollectible accounts is 3. For situations (a)-(c) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2018 balance sheet?