Homework: Week Five: Chapter 8: Exercises Save Score: 0 of 1 pt 8 of 8 (0 complete) HW Score: 0%, 0 of 8 pts E9-18 (similar to) s Question Help 0 At January 1, 2016. Eagle Mountain Flagpoles had Accounts Receivable of $33,000 and Allowance for Bad Debts had a credit balance of $3,000. During the year, Eagle Mountain Flagpoles recorded the following: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize Eagle's transactions that occurred during 2016. 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 $171,000 (5155,000 on account: $16,000 for cash). Ignore Cost of Goods Sold. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit 2016 x Requirements More Info 1. Journalize Eagle's transactions that occurred during 2016. The company uses the allowance method. 2. Post Eagle's transactions to the Accounts Receivable and Allowance for Bad Debts T-accounts. 3. Journalize Eagle's adjustment to record bad debts expense assuming Eagle estimates bad debts as 6% of accounts receivable. Post the adjustment to the appropriate T-accounts. 4. Show how Eagle Mountain Flagpoles will report net accounts receivable on its December 31, 2016 balance sheet. a. Sales of $171,000 ($155,000 on account: $16,000 for cash). Ignore Cost of Goods Sold. b. Collections on account, $127,000. c. Write-offs of uncollectible receivables, $2,100. Print Done Print Done Choose from any list or enter any number in the input fields and then click Check