At January 1, 2018, Purple Mountain Flagpoles had Accounts Receivable of $27,000, and Allowance for Bad Debts had a credit balance of $3,000. During the year, Purple Mountain Flagpoles recorded the following: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize Purple'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 $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 i More Info 2018 a. Sales of $182,000 ($158,000 on account; $24,000 for cash). Ignore Cost of Goods Sold. Collections on account, $133,000. c. Write-offs of uncollectible receivables, $2,300. Print Done (b.) Collections on account, $133,000. Date Accounts and Explanation Debit | Credit 2018 i Requirements 1. 2. 3. Journalize Purple's transactions that occurred during 2018. The company uses the allowance method. Post Purple's transactions to the Accounts Receivable and Allowance for Bad Debts T-accounts. Journalize Purple's adjustment to record bad debts expense assuming Purple estimates bad debts as 4% of credit sales. Post the adjustment to the appropriate T-accounts. Show how Purple Mountain Flagpoles will report net accounts receivable on its December 31, 2018, balance sheet. (c.) Write-offs of uncollectible receivables, $2,300. Date Accounts and Explanation Debit Credit 4. 2018 Print Done Requirement 2. Post Purple'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 Purple's adjustment to record bad debts expense assuming Purple estimates bad debts as 4% 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 Purple's adjustment to record bad debts expense. Date Accounts and Explanation Debit Credit 2018 Dec. 31 Post the adjustment to the appropriate T-accounts. Enter the unadjusted balances computed in requirment 2 and the the beginning balance for the Bad Debt Expense account. Then post the adjustment and compute the December 31 adjusted balance of each account. (Enter a "0" for any zero balances.) Accounts Receivable Allowance for Bad Debts Bad Debts Expense Requirement 4. Show how Purple Mountain Flagpoles will report net accounts receivable on its December 31, 2018 balance sheet. Balance Sheet (Partial): Current Assets: Choose from any list or enter any number in the input fields and then continue to the next