At January 1, 2024, Mountaintop Flagpoles had Accounts Receivable of $30,000, and Allowance for Bad Debts had a credit balance of $3,000. During the year, Mountaintop Flagpoles recorded the following transactions for January: (Click the icon to view the transactions.) Read the requirements Requirement 1. Journalize Mountaintop'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 journal entry table.) (a.) Sales of $178,000 ($161,000 on account: $17,000 for cash). Ignore Cost of Goods Sold. (Prepare a single compound journal entry.) Date 2024 Jan Accounts and Explanation (b.) Collections on account, $131,000. Date 2024 Jan. Debit Credit Accounts and Explanation Debit Credit (c.) Write-offs of uncollectible receivables, $2,800. Date 2024 Jan. Accounts and Explanation Debit Credit At January 1, 2024, Mountaintop Flagpoles had Accounts Receivable of $30,000, and Allowance for Bad Debts had a credit balance of $3,000. During the year, Mountaintop Flagpoles recorded the following transactions for January: (Click the icon to view the transactions.) Read the requirements Requirement 2. Post Mountaintop'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 Mountaintop's adjustment to record bad debts expense assuming Mountaintop estimates bad debts as 4% of credit sales on January 31, 2024. Post the adjustment to the appropriate T-accounts. First journalize Mountaintop's adjustment to record bad debts expense. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date 2024 Jan. 31 Accounts and Explanation Debit Credit 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 January 31 adjusted balance of each account (Enter a "0" for any zero balances.) Accounts Receivable Allowance for Bad Debts t January 1, 2024, Mountaintop Flagpoles had Accounts Receivable of $30,000, and Allowance for Bad Debts ad a credit balance of $3,000. During the year. Mountaintop Flagpoles recorded the following transactions for anuary: (Click the icon to view the transactions.) Read the requirements Date Accounts and Explanation Debit Credit 2024 Jan, 311 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 January 31 adjusted balance of each account. (Enter a "O" for any zero balances.) Accounts Receivable Bad Debts Expense Allowance for Bad Debts Requirement 4. Show how Mountaintop Flagpoles will report net accounts receivable on its January 31, 2024 balance sheet. Balance Sheet (Partial): Current Assets Requirements 1. Journalize Mountaintop's transactions that occurred during January. The company uses the allowance method. Post the 2. Enter th Expense (Enter a 3. 4. Post Mountaintop's transactions to the Accounts Receivable and Allowance for Bad Debts T-accounts. Journalize Mountaintop's adjustment to record bad debts expense assuming Mountaintop estimates bad debts as 4% of credit sales on January 31, 2024. Post the adjustment to the appropriate T-accounts. Show how Mountaintop Flagpoles will report net accounts receivable on its January 31, 2024, balance sheet. Print Done