Colorado rocky cookie company offers credit terms to its customers. at the end of 2016, accounts receivable totaled $625,000. the allowance method is used to account for uncollectible accounts. the allowance for uncollectible accounts had a credit balance of $32,000 at the beginning of 2016 and $21,000 in receivables were written off during the year as uncollectible. also, $1,200 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: prepare journal entries to record the write-off of receivables, the collection of $1,200 for previously written off receivables, and the year-end adjusting entry for bad debt expense. how would accounts receivable be shown in the 2016 year-end balance sheet?
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