This Test: 10 ps por 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, 54 290 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 0.5 percent of credit alles Start by entering the journal entry for the credit sales recorded in 2020. (Record debits first, then credits. Lxclude explanations from journal entries.) Journal Entry Accounts Debit Credit 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 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 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 answ- Age of Accounts Receivable 1-30 61-90 Over 90 Total 31-60 Days Days Days Days Receivables Choose from any list or enter any number in the input fields and then continue to the next question Type here to search Angel Lalluscaping Services started the year 2020 with an Accounts Receivable balance of $40,500 and an Allowance for uncollectible. Sales revenue for 2020 was $429,000, including credit sales of $422,400. Cash collections on account were 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 Days Days Days $26,400 $6,600 $5,500 Amount of receivable Estimated percent uncollectible Estimated amount uncollectible Days Receivables $4 510 5 43,010 40 % 1 % 1 % 3% Requirement 4. Make any adjustment required to the Allowance for Doubtful Accounts based on the calculation in requirem Journal Entry Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question Type here to search Angel Landscaping Services started the year 2020 with an Accounts Receivable balance of $40,500 and an Allowance for Dout uncollectible. Sales revenue for 2020 was $429,000, including credit sales of $422.400. Cash collections on account were $415 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 There are two generally accepted methods to present receivables on the balance sheet. The first method shows the allowance 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 Balance Sheet (Partial): Accounts receivable net Choose from any list or enter any number in the input fields and then continue to the next question Type here to search O with an Accounts Receivable balance of $40,500 and an Allowance for Doubtful Accounts balance of 54,310. During the year, 54, 290 0, including credit sales of $422,400. Cash collections on account were $415,600 during the year. 2020, year-end entries. Ent receiva en calcu Data x description Age of Accounts 0-30 31-60 61-90 the balar Total Over 90 Days Days Days Receivables Days $26.400 Amount of receivable $6,600 $5.500 $4.510 $43.010 Percent uncollectible 1 % 1 % Print Done put fields and then continue to the next