Angel Landscaping Services started the year 2020 with an Accounts Receivable balance of $40,500 and an Allowance for Doubtful Accounts balance of $4,310 During the year, $4,290 of accounts receivable were identified as uncollectible Sales revenue for 2020 was $429,000, including credit sales of $422.400 Cash collections on account were $415,600 during the year The aging of accounts receivable yields these data (Click the icon to view the data.) You're the accountant preparing the December 31, 2020, year-end entries Required Requirement 1. Journalize Angel's (a) credit sales, (b) cash collections on account, (c) write-off of the accounts receivable identified as uncollectible, and (d) bad debt expense based on 05 percent of credit sales Start by entering the journal entry for the credit sales recorded in 2020. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Accounts Debit Credit Next, journalize the collections on account Journal Entry Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question, . Now, record the entry to journalize the write-offs of uncollectibles Journal Entry Accounts Debit Credit Now, journalize the bad debt expense. Journal Entry Accounts Debit Credit Choose Requirement 2. Prepare a T-account for the Accounts Receivable and Allowance for Doubtful Accounts accounts In the following T-accounts, enter the adjusting entries in the order recorded in the preceding steps. Calculate the balance of each account (If a box is not used in the T-accounts, leave the box empty; do not enter a zero.) Accounts Receivable Allowance for Doubtful Accounts Bal 40,500 Bal 4,310 Requirement 3. Calculate the balance in the Allowance for Doubtful Accounts based on the aging-of-accounts-receivable method (Round each answer to the nearest whole number.) Age of Accounts Receivable 1-30 31-60 61-90 Over 90 Total Days Amount of receivable Days S26 400 Days $5,500 $6,600 Days Receivables $4,510 $ 43,010 Cetim strant enllnetinin 1 0 +04 20 Ano Choose from any list or enter any number in the input fields and then continue to the next question Requirement 3. Calculate the balance in the Allowance for Doubtful Accounts based on the aging of accounts receivable method (Round each answer to the nearest whole number.) Age of Accounts Receivable 1-30 31-60 61-90 Over 90 Total Days Days Days Days Receivables Amount of receivable $26.400 $6 600 $5,500 $4.510 $ 43,010 Estimated percent uncollectible Estimated amount uncollectible 1 % 1 % 3 % 40 % Requirement 4. Make any adjustment required to the Allowance for Doubtful Accounts based on the calculation in requirement 3 Journal Entry Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question You're the accountant preparing the December 31, 2020, year-end entries Required Requirement 4. Make any adjustment required to the Allowance for Doubtful Accounts based on the calculation in requirement 3 Journal Entry Accounts Debit Credit Requirement 5. Show how Angel Landscaping Services should report Accounts Receivable on the balance sheet There are two generally accepted methods to present receivables on the balance sheet. The first method shows the allowance for doubtful accounts amount in the line item description (Choose the account title, enter the allowance for doubtful accounts amount, and then calculate the net accounts receivable amount.) Balance Sheet (Partial): Current assets Choose from any list or enter any number in the innut fields and then Requirement 5. Show how Angel Landscaping Services should report Accounts Receivable on the balance sheet There are two generally accepted methods to present receivables on the balance sheet. The first method shows the allowance for doubtful accounts amount in the line item description (Choose the account title, enter the allowance for doubtful accounts amount, and then calculate the net accounts receivable amount.) Balance Sheet (Partial): Current assets The second method used to present receivables on the balance sheet shows the allowance for doubtful accounts on a line of its own Balance Sheet (Partial): Accounts receivable, net