During its first year of operations, World Class Sport Shoes earned net credit sales of $312,000. Industry experience suggests that bad debts will amount to 2% of net credit sales. At December 31, 2018, accounts receivable total $42,000. The company uses the allowance method to account for uncollectibles. Read the requirements Requirement 1. Journalize World Class' 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 || Bad Debts Expense 6240 Allowance for Bad Debts 6240 Requirement 2. Show how to report accounts receivable on the balance sheet at December 31, 2018. Balance Sheet (Partial): Current Assets Accounts Receivable 42000 Less: Allowance for Bad Debts -6240 35760 Choose from any list or enter any number in the input fields and then continue to the next