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Read the requirements.

$($a$.)$ Sales of $$185,000($ $$164,000$ on account, $$21,000$ for cash$).$ Ignore Cost of Goods Sold. $($Prepare a single compound journal entry$)$

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[2024],[$Jan$.],[,,\%,],[,,,],[,,,],[,,,]]$

More info

a$.$ Sales of $$185,000($ $$164,000$ on account; $$21,000$ for cash$).$ Ignore Cost of Goods Sold.

b$.$ Collections on account, $$135,000.$

c$.$ Write$-$offs of uncollectible receivables, $$2,300.$

Requirements

Journalize Hilltop's transactions that occurred during January. The company uses the allowance method.

Post Hilltop's transactions to the Accounts Receivable and Allowance for Bad Debts T$-$accounts.

Journalize Hilltop's adjustment to record bad debts expense assuming Hilltop estimates bad debts as $10\%$ of accounts receivable on January $31,2024.$ Post the adjustment to the appropriate T$-$accounts.

Show how Hilltop Flagpoles will report net accounts receivable on its January $31,2024,$ balance sheet.