Hilltop Landscaping Services started the year 2020 with an Accounts Receivable balance of $44,290 and an Allowance for Doubtful Accounts balance of $4,700. During the year. $4 290 of accounts receivable were identified as uncollectible. Sales revenue for 2020 was $449,000, including credit sales of $424,000. Cash collections on account were $415,600 during the year The aging of accounts receivable yields these data. i (Click the icon to view the data.) You're the accountant preparing the December 31, 2020. year-end entries. Required . Age of Accounts 0-30 31-60 61-90 Over 90 Total Days Days Days Days Receivables Amount of receivable $30,000 $8,000 $5.700 $4,700 $48,400 Percent uncollectible 2 % 2 % 5 % 45 % Requirement 1. Journalize Hilltop'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 0.5 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 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 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 zer Accounts Receivable Allowance for Doubtful Accounts Bal. 44,290 Bal. 4,700 Requirement 3. Calculate the balance in the Alloumn fun 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 Receivables Amount of receivable $30,000 Days $5,700 $8.000 $4,700 $ 48,400 Estimated percent uncollectible Estimated amount uncollectible 5% 45 % equirement 4. Make any adjustment required to the Allowarce for Doubtful Accounts based on the calculation in requirement 3. Journal Entry Accounts Debit Credit ### Requirement 5. Show how Hilltop 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