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10.00 points Raintree Cosmetic Company sells its products to customers on a credt basis An...

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Accounting

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10.00 points Raintree Cosmetic Company sells its products to customers on a credt basis An adusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2012 balance sheet disclosed the following Current assets Recevables, net of alowance for uncollectible acounts ofSSO,000 S432 During 2013, credit sales were $1,750.000, cash collections from customers $1,830.000, and $35,000 in accounts receivable were written off In addition, $3,000 was collected from a customer whose account was written off in 2012 An aging of accounts recevable at December 31, 2013, reveals the following Percentage of Year-EndPercent Group Receivables in Group Uncollectible 0-60 days 61-90 days 91-120 days Over 120 days 65% 20 10 4% 15 25 40 Required: (1) Prepare summary journal entries to account for the written off (Omit the "S" sign in your response.) General Journal 2013 wite-offs and the collection of the receivable Debit Credit To record accounts recevable written off during the year 2013 Allowance for uncollectible accounts 5000 5000 Accounts receivable To record collection of account receivable previously written off Accounts receivable 3000 novo

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