At January 1, 2016, Hilltop Flagpoles had Accounts Receivable of $34,000, and Allowance for Bad Debts had a credit balance of $4,000. During the year, Hilltop Flagpoles recorded the following: A (Click the icon to view the transactions.) Read the requirements. Date Accounts and Explanation Debit Credit 2016 Accounts Receivable Cash 162,000 21,000 Requirements Sales Revenue 183,000 Record sales for the year. (b.) Collections on account, $135,000. Date Accounts and Explanation Debit Credit 1. Journalize Hilltop's transactions that occurred during 2016. 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 4% of credit sales. Post the adjustment to the appropriate T-accounts. 4. Show how Hilltop Flagpoles will report net accounts receivable on its December 31, 2016 balance sheet. 2016 Cash 135,000 Accounts Receivable 135,000 Collected cash on account. Print Done Done (c.) Write-offs of uncollectible receivables, $2,300. Date Accounts and Explanation Debit Credit 2016 2,300 Allowance for Bad Debts Accounts Receivable 2,300 Wrote off uncollectible accounts. Requirement 2. Post Hilltop's transactions to the Accounts Receivable and Allowance for Bad Debts T-accounts. Enter the beginning balances and the journal entries, and then compute the unadjusted balance of each account. Allowance for Bad Debts Accounts Receivable Collections Jan. 1, 2016 Bal. Write-offs Jan. 1, 2016 Bal. Net credit sales Write-offs Unadj. Bal. Unadj. Bal