Item 1Item 1 Claw Inc. projected the following sales data for the first six months of next year: January, $30,000; February, $20,000, March, $40,000; April, $44,000; May, $46,000; and June, $52,000. Twenty-five percent (25%) of its sales are cash sales. The experience with credit sales is as follows: 30% are collected in the month of sale; 60% are collected in the month following the month of sale; and 8% collected in the second month following the month of sale. What is the amount of cash to be collected from customers in Ap

Colorado rocky cookie company offers credit terms to its customers. at the end of 2018, accounts receivable totaled $715,000. the allowance method is used to account for uncollectible accounts. the allowance for uncollectible accounts had a credit balance of $50,000 at the beginning of 2018 and $30,000 in receivables were written off during the year as uncollectible. also, $3,000 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 15% to accounts receivable at the end of the year. 1. prepare journal entries to record the write-off of receivables, the collection of $3,000 for previously written off receivables, and the year-end adjusting entry for bad debt expense.2. how would accounts receivable be shown in the 2018 year-end balance sheet?