At January 1, 2018, Blue Mountain Flagpoles had Accounts Receivable of $33,000, and Allowance for Bad Debts had a credit balance of $3,000. During the year, Blue Mountain Flagpoles recorded the following: More Info mpany uses the allowance method. (Record table.) Boods Sold. (Prepare a single compound journa a. Sales of $176,000 ($156,000 on account: $20,000 for cash). Ignore Cost of Goods Sold. b. Collections on account, $129,000. c. Write-offs of uncollectible receivables, $2,200. Credit Print Done -than nantinun to the next question At January 1, 2018, Blue Mountain Flagpoles had Accounts Receivable of $33,000, and Allowance for Bad Debts had a credit balance of $3,000. During the year, Blue Mountain Flagpoles recorded the following: Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize Blue's transactions that occurred during 2018. 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 $176,000 ($156,000 on account: $20,000 for cash). Ignore Cost of Goods Sold. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit 2018 (b.) Collections on account, $129,000. Accounts and Explanation Debit Credit Date 2018 (c.) Write-offs of uncollectible receivables, $2,200. Date Accounts and Explanation Debit Credit 2018 TI TIL III 2 Requirement 2. Post Blue'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. Accounts Receivable Allowance for Bad Debts Requirement 3. Journalize Blue's adjustment to record bad debts expense assuming Blue estimates bad debts as 2% of credit sales. Post the adjustment to the appropriate T-accounts. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First journalize Blue's adjustment to record bad debts expense. Accounts and Explanation Debit Credit Date 2018 Dec. 31 A Z T Post the adjustment to the appropriate accounts Enter the unad usted balances computed in neguant 2 and the the beginning balance for the Bad Enter a "o for any or balances) Expans t The post the n and compute the December of each court Accounts Receivable Bad Debts Bad Debts Expense Requirement 4. Show how Blue Mountain Flagpoles will report net accounts receivable on its December 31, 2018 balance sheet. Balance Sheet (Partial): Current Assets