Al January 1, 2024, Hilltop Flagpoles had Accounts Receivable of $28,000, and Allowance for Bad Debts had a credit balance of $3,000. During the year, Hilltop Flagpoles recorded the following transactions for January: A (Click the icon to view the transactions.) . Read the requirements. i More Info Allowance for Bad Debis 4,920 a. Sales of $185,000 ($164,000 on account: $21,000 for cash). Ignore Cost of Goods Sold. b. Collections on account, $135,000. c. Write-offs of uncollectible receivables, $2,300. Recorded bad debis expense for the period. Post the adjustment to the appropriate T-accounts. First enter and label the Jan 1, 2024 balance for the Bad Debt Expense account, then post the adjustment to the appropriate T-accounts. (Enter a "0" on the nom Print Done Allowance for Bad Debts 3,000 Jan 1, 2024 Bal. Write-offs 2.300l Jan. 1, 2024 Bal. Net credit sales Accounts Receivable 28.000 135,000 Collections 164.0001 2.300 Write-offs 54,7001 Requirements Unadj. Bal. 700 Unadj. Bal 4.920 Ad Jan. 31, 2024 Bal. Jan. 31. 2024 Bal. Bad Debts Expense 1. Journalize Hilltop's transactions that occurred during January. The company uses the allowance method. 2 Post Hilltop's transactions to the Accounts Receivable and Allowance for Bad Debts T-accounts. 3. Journalize Hilltop's adjustment to record bad debts expense assuming Hilltop estimates bad debts as 3% of credit sales on January 31, 2024. Post the adjustment to the appropriate T-accounts. Show how Hilltop Flagpoles will report net accounts receivable on its January 31, 2024, balance sheet. Jan 1, 2024 Bal. 0 Adi. Jan. 31, 2024 Bal. 4,920 4,920