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Accounting for uncollectible accounts using the allowance method [percent-of-sales) and reporting receivables on the balance sheet (J (J At January 1, 2015, Windy Mountain Flagpoles had Accounts Receivable of $ 34,000 and Allowance for Bad Debts had a credit balance of $ 3,000. During the year, Windy Mountain Flagpoles recorded the following: (-1 (J a. Sales of $189,000 [$165,000 on account; 3: 24,000 for cash]. (J b. Collections on account, $ 133,000. a c. Write-offs of uncollectible receivables, $ 2,800.9 (_l Requirements 0 1. journalize WUansactions that occurred during 2015. The company uses the allowance method. (J 2. Post WUansactions to the Accounts Receivable and Allowance for Bad Debts T-accounts. 6' 3. journalize Wadjustment to record bad debts expense assuming Windy estimates bad debts as 1% of credit sales. Post the adjustment to the appropriate T- accounts. a 4. Show how Windy Mountain Flagpoles will report net accounts receivable on its December 31, 2015 balance sheet. 6' Percent of Sales Method: In Requirement 3, you journalized the adjustment to record bad debt expense assuming Windy estimates bad debts as 1% of credit sales. Based on your work, enter the following: Bad Debt Expense CW The Ending Balance of the Allowance for Bad Debts A/ D Assuming an ending balance of Accounts Receivable of $63,200. What is the value of Net Accounts Receivable reported on the yearend Balance Sheet? Net Accounts Receivable Cir Question 2 (50 points) Percent of Receivables Method: In Requirement 3, you journalized the adjustment to record bad debt expense assuming Windy estimates bad debts as 1% of receivables. Based on your work, enter the following: Bad Debt Expense [:]~ The Ending Balance of the Allowance for Bad Debts Q/ U Assuming an ending balance of Accounts Receivable of $63,200. What is the value of Net Accounts Receivable reported on the year-end Balance Sheet? Net Accounts Receivable CH