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During its first year of operations, Precious Gems Collection earned net credit sales of $326,000. Industry experience suggests that bad debts will amount to 1% of net credit sales. At December 31, 2016, accounts receivable total $41,000. The company uses the allowance method to account for uncollectibles. Requirements 1. Journalize Precious Gems' Bad Debts Expense using the percent-of-sales method. Show how to report accounts receivable on the balance sheet at December 31, 2016. 2. Requirement 1. Journalize Precious Gems' Bad Debts Expense using the percent-of-sales method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Accounts Payable Recorded bad debts expense for the period. Requirement 2. Show how to report accounts receivable on the balance sheet at December 31, 2016. Balance Sheet (Partial): Current Assets