At January 1, 2018, White Top Flagpoles had Accounts Receivable of $34,000, and Allowance for Bad Debts had a credit balance of $3,000. During the year, White Top Flagpoles recorded the following: Click the icon to view the transactions.) Read the requirements Post the adjustment to the appropriate T-accounts. First enter and label the Jan 1, 2018 balance for the Bad Debt Expense account, then post the adjustment to the appropriate T-accounts. (Enter a "O" on the normal side of the account for any zero balances.) Allowance for Bad Debts 2,500 3,000 Jan 1, 2018 Bal. Write-offs Jan. 1. 2018 Bal. Net credit sales Unadj. Bal. Accounts Receivable 34,000 134,000 Collections 156,000 2,500 Write-off's 53,500 500 Unadj. Bal Bad Debts Expense More Info a. Sales of $179,000 ($156,000 on account: $23,000 for cash). Ignore Cost of Goods Sold. b. Collections on account, $134,000. c. Write-offs of uncollectible receivables, $2,500. Print Done i Requirements 1. Journalize White's transactions that occurred during 2018. The company uses the allowance method. 2. Post White's transactions to the Accounts Receivable and Allowance for Bad Debts T-accounts. 3. Journalize White's adjustment to record bad debts expense assuming White estimates bad debts as 2% of credit sales. Post the adjustment to the appropriate T-accounts. 4. Show how White Top Flagpoles will report net accounts receivable on its December 31, 2018, balance sheet. Print Done