During lit first yeer of operations. Whippershapper Fun Room eamed het credit sales of $362,000. industry experience suggests that bed debts will amount to 3\% of net credi sbles. At December 31, 2024, acoounts recevable fotal $10,000. The company uses the allowance method to ncoount for uncoliectibles Resd the reouirements Anguirement 1. Joumntize Whippersnspper's Bad Debts Experse using the percent-of-sales method (Recons debits first, iten aredith, Sinlect ihe expianetion on the last line of the journal entry tabile.) During its first yeat of operations, Whlppersnmpper Fun Room osmed net crodk sales of $362.000. andustry experience suggenter that bed debten will amount to 3% of net credl sales. Al December 31, 2024, Hocounts recoivable fotal $10,000. The company uses the allowance thethod to boobunt for unootloctibles Pesd the mediternents Requirements 1. Journalize Whippersnapper's Bad Debts Expense using the percent-of-sales method. 2. Show how to report accounts receivable on the balance sheet at December 31, 2024