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Rebecca Housewares 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 2017 balance sheet disclosed the following Current assets: Receivables, net of allowance for uncollectible accounts of $50,000 $ 532,000 During 2018, credit sales were $1,850,000, cash collections from customers S1,930,000, and $59,000 in accounts receivable were written off. In addition, $5,000 was collected from a customer whose account was written off in 2017. An aging of accounts receivable at December 31, 2018, reveals the following Percentage of Year-End Percent Receivables in Group Uncollectible Age Group 0-60 days 61-90 days 91-120 days over 120 days 65 % 15 15 4% 10 30 50 Required: 1. Prepare summary journal entries to 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: a. Bad debt expense is estimated to be 3% of credit sales for the year. b. Bad debt expense is estimated by computing net realizable value of the receivables. The allowance for uncollectible accounts is estimated to be 10% of the year-end balance in accounts receivable. . Fo stuation co-to)in ouirenean 2 abeat wud be te net amount of acos receivable reported in the 2018 balance sheet

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