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Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2021, accounts...

Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2021, accounts receivable totaled $720,000. The allowance method is used to account for uncollectible accounts. the allowance for uncollectible accounts had a credit balance of $51,000 at the beginning of 2021 and $30,500 in receivables were written off during the year as uncollectible. also, $3,100 in cash was received in December from a customer whose account previously had been written off. the company estimates bad debts by applying a percentage of 10% to accounts receivable at the end of the year.

Required:

1. Prepare journal entries to record the write-off of receivables, the collection of $3,100 for previously written off receivables, and the year-end adjusting entry for bad debt expense.

2. How would accounts receivable be shown in the 2021 year-end balance sheet?

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