On February 28, Mountaintop Ski Equipment had a $29,000 debit balance in Accounts Receivable During March, the company had sales of $83,900, which included $78,000 in credit sales. March collections were $55,000, and write-offs of uncollectible receivables totalled $1,550 Other data include a February 28 credit balance in Allowance for Doubtful Account was $1,800 b Bad debt expense was estimated as 3 percent of credit sales Required 1. Prepare journal entries to record sales, collections, write-offs of uncollectibles during March, and bad debt expense by the allowance method (using the percent-of-sales method) 2. Prepare T-accounts to show the ending balances in Accounts Receivable and Allowance for Doubtful Accounts Compute net Accounts Receivable at March 31. How much does Mountaintop expect to collect? Requirement 1. Prepare journal entries to record sales, collections, write-offs of uncollectibles during March, and bad debt expense by the allowance method (using the percent-of-sales method) Start by entering the journal entry for the sales recorded in March (Record debits first, then credits. Explanations are not required.) Journal Entry Date Accounts Debit Credit Mar 31 Next, journalize the collections on account Choose from any list or enter any number in the input fields and then continue to the next question. 1. dx ENG 1:32 PM 2020-12-17 Next, journalize the collections on account. Journal Entry Date Accounts Debit Credit Mar. 31 Now, record the entry to journalize the write-offs of uncollectible receivables Journal Entry Date Accounts Debit Credit Mar 31 Finally, we can journalize the bad debt expense. Journal Entry Date Accounts Debit Credit Mar 31 Requirement 2. Prepare T-accounts to show the ending balances in Accounts Receivable and Allowance for Doubtful Accounts Comput not Accounts Receivablo at March 31. How much does Mountaintop expect to collect? In the following T-accounts, enter the adjusting entries in the order they were recorded in the preceding steps (Leave any unused cells blank.) tant than cetinn On February 28, Mountaintop Ski Equipment had a $29,000 debit balance in Accounts Receivable During March, the company had sales of $83.900, which included $78,000 in credit sales March collections were $55,000 and write-offs of uncollectible receivables totalled $1,550 Other data include a February 28 credit balance in Allowance for Doubtful Account was $1,800 b. Bad debt expense was estimated as 3 percent of credit sales Required 1. Prepare journal entries to record sales, collections, write-offs of uncollectibles during March, and bad debt expense by the allowance method (using the percent-of-sales method) 2. Prepare T-accounts to show the ending balances in Accounts Receivable and Allowance for Doubtful Accounts Compute net Accounts Receivable at March 31. How much does Mountaintop expect to collect? In the following T-accounts, enter the adjusting entries in the order they were recorded in the preceding steps (Leave any unused cells blank.) Allowance for Doubtful Accounts 29,000 1,800 Bal Accounts Receivable Bal Compute net accounts receivable at March 31 Net accounts receivable ES oks How much does Mountaintop expect to collect? Mountaintop expects to collocs Choose from any list or enter any number in the input fields and then continue to the next question. 133 PM On February 28, Mountaintop Ski Equipment had a $29.000 debit balance in Accounts Receivable. During March, the company had sales of $83 900, which included $78,000 in credit sales, March collections were $55,000, and write-offs of uncollectible receivables totalled $1.550 Other data include a. February 28 credit balance in Allowance for Doubtful Account was $1,800 b Bad debt expense was estimated as 3 percent of credit sales Required 1. Prepare journal entries to record sales, collections write-offs of uncollectibles during March, and bad debt expense by the allowance method (using the percent-of-sales method) 2. Prepare T-accounts to show the ending balances in Accounts Receivable and Allowance for Doubtful Accounts Compute net Accounts Receivable at March 31. How much does Mountaintop expect to collect? Requirement 1. Prepare journal entries to record sales, collections, write-offs of uncollectibles during March and bad debt expense by the allowance method (using the percent of sales method) Start by ontering the journal entry for the sales recorded in March (Record debits first, then credits. Explanations are nothequired.) Journal Entry Date Accounts Debit Credit Mar 31 Next, journalize the collections on account Choose from any list or enter any number in the input fields and then continue to the next