Problem 7-4 (Algo) Uncollectible accounts; financial statement effects [LO7-5, 7-6] Raintree Cosmelic Company selis its products to customers on a credit basis. An adjusing entry for bad debt expense is recorded only at December 31, the company's fiscal year-end The 2023 balance sheet disclosed the following Current assets: Receivables, net of allouance for uncollectible accounts of $39,000$477,000 During 2024. credit sales were $1,795,000, cash collections from customeis $1,875,000, and $44,000 in accounts receivable were writter off In addition, $3,900 was collected from a customet whose account was written off in 2023 . An aging of accountsrecelvable at December 31,2024 , reveals the following Required: 1. Prepate fummary joumal entries to account for the 2024 wite-olts and the collection of the receivable previously witten olf 2. Prepare the yeat-end adjusting enty for bad debts according to each of the followng situations a. Aad debt expense is estimated to be 4% of creat sales for the year b. Qad debl expense is estimated by adjusting the allowance for uncollectube accounts to the balonce that reduces the catining value of accounts ieceivable to the amount of cash expected to be colfected. The aflowance for uncollectible occounte is estmmed to be ton of the yeat-end balance in accounts receivabe c. Bad debt expense is eatimated by aduating the allowarice tor uncollectible a sopuntr to thy balance that iedulsecthe: carining value of accountsiecevable to the anount of catr expected to be coliected the Allowabce foc ancollectible accountsis determined by an agng of a ccounts ieceivases 3. For utuations rabece in requirement 2 above whin would be the aet amount of iccountefecedvable fepoiteg in the 2024 bafaice theet Cemplete this nuestion by enturing your answers in the tobs bolove. Drepare the yearanis atoutting entry forbais debts acobering to wach of the foluwnig efuation:Complete this question by entering your answers in the tabs below. Prepare the year-end adjusting entry for bad debts according to each of the following situations: o. 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 camying value of accounts receivabie 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 uncoliectible accounts is determined by an aging of accounts receivable. Note. If no entry is required for a transaction/event select "No journal entry required" in the first account feid.Complete this question by entering your answers in the tabs below. For situations (a)(c) in requirement 2 above, what wou.

1. Which of the following satements apout the Jugh reacions ate Teut? [Select oll that mpply] The
first photen is absortid ty ihowitystem il Ahn eitctron godient is vied ze pover hf P syothase
enbedded in the thylake dif ewb-ant The proteire n the aiestron transpor chain fume postars into
the shababil spaceWhich of the following statements about the light reactions are TRUE? [Select
ail thatapply] Excited electrons from Photosystem t are passed down an electron transport chain to
Photqoystem II The first pheton is absorbed by Photogystem II An electron gradient is ulied to
power ATP synchase embedded in the thylakoid membrane The proseins in the electron transpors
chain pump protons into the thylakoid space. The absarbed photons excite protons to a higher
energy level The reaction center of the Photosystems is a pair of special chlorophyll molecules