ACCT101-1CH-CRN 31368-Spring 2021 Ralpheal Dorsey & 02/15/21 11:33 AM Homework: Chapter 8 Homework Save Score: 1.24 of 4 pts 2 of 5 (2 complete) HW Score: 19.64%, 3.93 of 20 pts EF8-20 (similar to) Question Help At January 1.2024, Mountaintop Flagpoles had Accounts Receivable of $30,000, and Allowance for Bad Debts had a credit balance of $4,000. During the year, Mountaintop Flagpoles recorded the following transactions for January (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize Mountaintop's transactions that occurred during January. The company uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) (a.) Sales of $182,000 ($ 158,000 on account: $24.000 for cash). Ignore Cost of Goods Sold. (Prepare a single compound journal entry) Date Accounts and Explanation Debit Credit 2024 More Info X Jan Accounts Receivable 158,000 Cash 24.000 Sales Revenue 182,000 a. Sales of $182,000 ($ 158,000 on account: $24,000 for cash) Ignore Cost of Goods Sold. b. Collections on account $133,000 c. Write-offs of uncollectible receivables $2.400 Record sales for the year (b.) Collections on account. $133,000 Date Accounts and Explanation Debit Credit Print Done 2024 Jan Cash 133.000 Accounts Receivable 133,000