During its first year of operations, Summer, Sand, and Castles Resort earned net credit sales of $361,000. Industry experience suggests that bad debts will amount to 3% of net credit sales. At December 31, 2018 accounts receivable total $39,000. The company uses the allowance method to account for uncollectibles. . Requirement 1. Journalize Summer'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 entry table ) Date Accounts and Explanation Debit Credit Dec. 31 Requirement 2. Show how to report accounts receivable on the balance sheet at December 31, 2018. Balance Sheet (Partial): Current Assets