At January 1, 2024, Hop Flagpoles had Accounts Receivable of $28,000, and Allowance for Bad Debts had a credit balance of $3.000. During the year Flagpoles recorded the following transactions for January Click the icon to view the transactions.) Read the muments Requirement 1. Journalize Hitop's transactions that occurred during January. The company uses the allowance method. (Record debits first, then credits Select the explanation on the last line of the joumal entry table) (a) Sales of $185,000 ($164,000 on account $21,000 for cash) Ignore Cost of Goods Solid Prepare a single compound journal entry) Date Accounts and Explanation 2004 Jan Cash Accs Receivable Record sales for the year (b) Cotections on account $135,000 Debit 21.000 Credit 164.000 185.000 Date Accounts and Explanation Debit Credit 2004 Cash Accounts Receivab 135.000 135.000 Colected cash on account (c) Write-offs of uncollectble receivables $2,300 Date Accounts and Explanation Debit Credit 2024 Jan Alowance for Accounts Receivable 2.300 2.300 Weste off uncollectie account Requirement 2. Post Hitop'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 Jan 1, 2024 Net credit sales 28.000 135,000 Cotections 164,000 2.300 Wo We off Unad Bal 54.700 2.300 3.000 Jan 1, 2024 B 700 Requirement 3. Journalize Hop's adjustment to record bad debts expense assuming Hito estimates bad debts as 10% of accounts receivable on January 31, 2004. 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 Hit's adjustment to record bad des expense Date Accounts and Explanation 2004 Jan 31 Bed Debts Exper Allowance for Bad Debt Debit Credit 4770 4770 Post the adjustment to the appropriate T-accounts First enter the beginning balance for the Bad Debt Expense account, then post the adjustment to the appropriate T-accounts Enter a " on the normal side of the account for any ze balances) Accounts Receivable Allowance for Bad Deb Jan 1, 2024 28.000 135.000 Collections Write-offs 2.300 3.000 Jan 1, 2024 B Net credit sales Unad Bal 164.000 54.700 2.300 Write-offs 700 U