At January 1, 2016, White Top Flagpoles had Accounts Receivable of $32,000 and Allowance for Bad Debts had a credit balance of $4,000. During the year White Top Flagpoles recorded the following: Click the icon to view the transactions Read the requirements. Requirement 1. Joumalize White's transactions that occurred during 2016. 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 $190,000 ($165,000 on account, $25,000 for cash) Ignore Cost of Goods Sold. (Prepare a single compound journal entry.) Debit Accounts and Explanation Date Credit 2016 Cash 25,000 Requirements 165,000 Accounts Receivable Sales Revenue 190.000 1. Journalize White's transactions that occumed during 2016. The company uses the allowance method. Record sales for the year. 2. Post White's transactions to the Accounts Receivable and Allowance for Bad Debts Taccounts. (b.) Collections on account, $132,000 3. Journalize White's adjustment to record bad debts expense assuming Accounts and Explanation White estimates bad debts as 6% of accounts receivable. Post the Date Debit Credit adjustment to the appropriate T-accounts 2016 Cash 132,000 4. Show how White Top Flagpoles will report net accounts receivable on its December 31, 2016 balance sheet. Accounts Receivable 132,000 Print Done