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At January 1, 2024, Hilly Mountain Flagpoles had Accounts Receivable of $31,000, and Allowance for Bad Debts had a credit balance of $3,000. During the year, Hilly Mountain Flagpoles recorded the following transactions for January (Click the icon to view the transactions.) Read the requirements ... Requirement 1. Journalize Hilly'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 $176,000 ($155,000 on account; $21,000 for cash). Ignore Cost of Goods Sold. (Prepare a single compound journal entry. More info Date Accounts and Explanation Debit Credit 2024 Jan. a. Sales of $176,000 ($155,000 on account; $21,000 for cash). Ignore Cost of Goods Sold. b. Collections on account, $134,000. c. Write-offs of uncollectible receivables, $2,200 - X Requirements Print Done 1. Journalize Hilly's transactions that occurred during January. The company uses the allowance method. 2. Post Hilly's transactions to the Accounts Receivable and Allowance for Bad Debts T-accounts. 3. Journalize Hilly's adjustment to record bad debts expense assuming Hilly estimates bad debts as 12% of accounts receivable on January 31, 2024. Post the adjustment to the appropriate T-accounts. 4. Show how Hilly Mountain Flagpoles will report net accounts receivable on its January 31, 2024, balance sheet. Print Done Help me solve this Etext pages Get moi Clear all Check