Answer Happy

Include the name of the customer with the Accounts Receivable ac are not required Use the following information to answer Exercises E-F:9-19 and E-F:9-20. At January 1, 2024, Hilltop Flagpoles had Accounts Receivable of $28,000, and Allowance for Bad Debts had a credit balance of $3,000. During the year, Hilltop Flagpoles recorded the following transactions for January: 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. bjectives 1,3 Dec 31 $54,700 E-F:9-19 Accounting for uncollectible accounts using the allowance method (percent-of-sales) and reporting receivables on the balance sheet Requirements 1. Journalize Hilltop's transactions that occurred during January. The company uses the allowance method. 2. Post Hilltop's transactions to the Accounts Receivable and Allowance for Bad Debts T-accounts. 3. Journalize Hilltop's adjustment to record bad debts expense assuming Hilltop estimates bad debts as 3% of credit sales on January 31, 2024. Post the adjustment to the appropriate T-accounts. 4. Show how Hilltop Flagpoles will report net accounts receivable on its January 31, 2024, balance sheet.