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= Homework: MyLab Ch4 Question 2, 54-7 (similar ... Part 1 of 2 During its first year of operations, Precious Gems Collection Inc. had sales of $1,020,000, all on account Industry experience suggests th Precious Gems Collection's accounts receivable total $85,000. The company uses the allowance method to account for uncollectibles Requirements 1. Make Precious Gems Collection's journal entry for bad debt expense 2. Show how Precious Gems Collection could report accounts receivable on its balance sheet at December 31, 2019, by disclosing the allo RE 1. Make Precious Gems Collection's journal entry for bad debt expense. (Record debits first, then credits. Explanations are not require Journal Entry Accounts Debit Credit Bad Debt Expense 19380 Accounts Receivable 19380 = Homework: MyLab Ch4 Question 2, S4-7 (similar Part 1 of 2 HW Score: 79.61%, 58.91 of 74 points O Points: 0 of 5 Save During its first year of operations, Precious Gems Collection Inc. had sales of $1,020,000, all on account. Industry experience suggests that Precious Gems Collection's bad debi expense will be $19,380. At December 31, 2019, Precious Gems Collection's accounts receivable total $85,000. The company uses the allowance method to account for uncollectibles Requirements 1. Make Precious Gems Collection's journal entry for bad debt expense. 2. Show how Precious Gems Collection could report accounts receivable on its balance sheet at December 31, 2019 by disclosing the allowance for uncollectible accounts 1. Make Precious Gems Collection's journal entry for bad debt expense. (Record debits first, then credits. Explanations are not required.) Journal Entry Accounts Debit Credit Bad Debt Expense 19380 Accounts Receivable 19380