During its first year of operations, Chocolate Passion earned net credit sales of $367,000. Industry experience suggests that bad debts will amount to 1% of net credit sales At December 31, 2016. accounts receivable total $35,000. The company uses the allowance method to account for uncollectibles Requirements 1 Journalize Chocolate's Bad Debts Expense using the percent-of-sales method 2 Show how to report accounts receivable on the balance sheet at December 31, 2016 Requirement 1. Journalize Chocolate's Bad Debts Expense using the percent-of-sales method (Record debits first, then credits. Select the explanation on the last line of the journal ontry table) Date Accounts and Explanation Debit Credit Dec 31 Requirement 2. Show how to report accounts receivable on the balance sheet at December 31, 2016 Balance Sheet(Partial): Current Assets