0 Data - X Inse bas 0-30 Total Days Age of Accounts 31-60 61-90 Over 90 Days Days Days $6,600 $5,500 $4,510 1% 3 % 40 % Receivables $43010 $26.100 Amount of receivable Percent uncollectible 1 % Print Done i Required based o 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 sales. 2. Prepare a T-account for the Accounts Receivable and Allowance for Doubtful Accounts accounts 3. Calculate the balance in the Allowance for Doubtful Accounts based on the aging-of-accounts receivable method 4. Make any adjustment required to the Allowance for Doubtful Accounts based on your calculation in requirement 3 5. Show how Angel Landscaping Services should report Accounts Receivable on the balance sheet. Print Done Angel Landscaping Services started the year 2020 with an Accounts Receivable balance of $40,500 and an Allowance for Doubtful Accounts balance of 54,310 During the year, 51290 of accounts receivable were identified as uncollectible Sales revenue for 2020 was $429,000, including credit sales of 5422.400 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. Joumalize Angels (a) credit sales, (b) cash collections on account (e) 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 entrios.) Journal Entry Accounts Debit Credit Input Tields and then continue to the next question Accounts Payable Accounts Receivable Choc Allowance for Doubtful Accounts Bad Debt Expense Cash Inventory Sales Revenue 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 accounts, leave the box empty, do not enter a zero.) Accounts Receivable Allowance for Doubtful Accounts Bal 40,500 Bal 4310 wida Required 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 Days Days $26 400 Days 56.600 1% Over 90 Total Days Receivables 54 510 5 43010 10 % Amount of receivable Estimated percent uncollectible Estimated amount uncollectible $5,500 3% Choose from any list or enter any number in the input fields and then continue to the next question 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 The second method used to present receivables on the balance sheet shows the allowance for doubtful accounts on a line of its own 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