Mountaintop Landscaping Services started the year 2023 with an Accounts Receivable balance of $60,800 and an Allowarice for Doubtfur Acoounts babince of Cash collections on account were $423,000 during the year. The aging of accounts recolvabio yieids these data (1) (Click the icon to view the data.) You are the accountant preparing the Decentber 31, 2023, year-end entrios. Recuired Requirement 1, Journalize Mountaintop's (a) credil sales, (b) cash collections on acoount, (c) wile-off of the acopunts recoivablo idontified as incoliectible, and ( () bad dett expense based on 0.5 percent of credil sales. Start by entering the journal entry for the credit sales rocorded in 2023. (Record debits first, then credits. Exclude explanations from journal entries.) Next, joumaize the coliections on account. Now, record the entry to journalize the write-offs of uncollectibles. Now, journalize the bad debt expense. Requirement 3, Caiculate the balance in the Alowance lor Dovibtul Accounts based on the aging-d-accounts-receivable method. (Round each answer to the nearest whole number.) Requirement 3. Calculate the balanoe in the Alowance for Doubltul Accounts based on the aging-of-acoounts-roceivable method. (Round each answer to the nearest whole number.) Requirement 4, Make amy ad ustment required to the Alowance for Doubltul Accounts based on the calculation in requirement 3 Requirement 5, Show how Mountaintop Landscaping Services should report Accounts Receivable on the balance sheet. There are two generaly accepled methods to present receivables on the balance sheet. The first method shows the allowance for doubthi accounts amount in the line item description. (Choose the account tifle, enter the allowance for doubtful accounts amount, and then calculate the net accounts receivabie amount Mountaintop Landscaping Services started the year 2023 with an Accounts Receivable balance of $60,800 and an Allowarice for Doubtfur Acoounts babince of Cash collections on account were $423,000 during the year. The aging of accounts recolvabio yieids these data (1) (Click the icon to view the data.) You are the accountant preparing the Decentber 31, 2023, year-end entrios. Recuired Requirement 1, Journalize Mountaintop's (a) credil sales, (b) cash collections on acoount, (c) wile-off of the acopunts recoivablo idontified as incoliectible, and ( () bad dett expense based on 0.5 percent of credil sales. Start by entering the journal entry for the credit sales rocorded in 2023. (Record debits first, then credits. Exclude explanations from journal entries.) Next, joumaize the coliections on account. Now, record the entry to journalize the write-offs of uncollectibles. Now, journalize the bad debt expense. Requirement 3, Caiculate the balance in the Alowance lor Dovibtul Accounts based on the aging-d-accounts-receivable method. (Round each answer to the nearest whole number.) Requirement 3. Calculate the balanoe in the Alowance for Doubltul Accounts based on the aging-of-acoounts-roceivable method. (Round each answer to the nearest whole number.) Requirement 4, Make amy ad ustment required to the Alowance for Doubltul Accounts based on the calculation in requirement 3 Requirement 5, Show how Mountaintop Landscaping Services should report Accounts Receivable on the balance sheet. There are two generaly accepled methods to present receivables on the balance sheet. The first method shows the allowance for doubthi accounts amount in the line item description. (Choose the account tifle, enter the allowance for doubtful accounts amount, and then calculate the net accounts receivabie amount
