Save Homework: Chapter 8 Warm Up Score: 0 of 20 pts 4 of 6 (4 complete HW Score: 55.55%, 55,55 of 100 pts S8-6 (similar to) Assigned Media Question Help During its first year of operations, Precious Gems Collection came not credit sales of $368,000. Industry experience suggests that bad debts will amount to 2% of net credit sales. At December 31, 2018, accounts receivable total 543,000. The company uses the allowance method to account for uncollectibles Read the requirements Requirement 1, Journalize Precious Game" Bad Debts Expense using the percent-of-sales method. (Precord debits first, then credits Select the explanation on the Date Accounts and Explanation Debit Credit Dec 31 Collected cash on account Record sales for the year Recorded bad debts expense for the period Reinstated previously written off account. Wrole off uncollectible accounts. 0 Requirements 1. Journalize Precious Gems' Bad Debts Expense using the percent-of-sales method 2. Show how to report accounts receivable on the balance sheet at December 31, 2018 Print Done