Could you tell me the third answer and how did you receive the right answers? 1Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded onlyat December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following:Current assets:Receivables, net of allowance for uncollectible accounts of $34,000$ 452,0003.2/3.33oints awardedDuring 2021, credit sales were $1,770,000, cash collections from customers $1,850,000, and $39,000 in accounts receivable werewritten off. In addition, $3,400 was collected from a customer whose account was written off in 2020. An aging of accounts receivableat December 31, 2021, reveals the following:ScoredPercentage of Year-EndReceivables in GroupPercentUncollectibleAge Group0-60 days61-90 days91-120 daysOver 120 days60%3%1020251045Required:1. Prepare summary journal entries to account for the 2021 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 2% 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 carryingvalue of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accounts isestimated 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 carryingvalue of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accounts isdetermined 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 balancesheet? 3. For situations (a)-(c) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2021 balancesheet?Complete this question by entering your answers in the tabs below.Required 1Required 2Required 3For situations (a)-(c) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2021balance sheet?Netuntreceivablereportedа.333,200b.330,300332,694 XС.

Accounts receivable is the term which is defined as the payment or the proceeds that the company or…

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 2020 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $34,000 $ 452,000 During 2021, credit sales were $1,770,000, cash collections from customers $1,850,000, and $39,000 in accounts receivable were written off. In addition, $3,400 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 Year-End Receivables in Group Percent Age Group 0-60 days 61-90 days 91-120 days Over 120 days Uncollectible 38 608 10 20 25 10 45