During its fist year or operations Pfee us Gems Colee on earned fa e edit sales of S500 000 Indust e pe ence suggests that bad debts wil amount to 2%nat e edit gaies A1 Dece ber 31 2016 accounts ese vable total S44 000 The e pany uses th-alowance nechod to account for colect 1.Jumalze Precious Gems Bad Debts Expense using the pecent-of-sales method 2. Show how to report socounts reoeivabie on the balance shee: at December 31, 201 Requirement 1. Joumalza Pracious Game Bad Dabte Expanae using tha mathod Recod dabits fiat, than cdits.Sale the explanation on the last Ine of the journal antry tabla.) Alowance for Bad Debts Requirement 2 Show how to report accounts receivable on the belance sheel Belance Sheet (Pertiel) December 31. 2016