S-F:8-6 Applying the allowance method (percent-of-sales) to account for uncollectibles (Learning Objective 3) During its first year of operations, Fall Wine Tour earned net credit sales of $311,000. Industry experience suggests that bad debts will amount to 3% of net credit sales. At December 31, 2024, accounts receivable total $44,000. The company uses the allowance method to account for uncollectibles. Requirements 1. Joumalize Fall Wine Tour's Bad Debts Expense using the percentof-sales method. 2. Show how to report accounts receivable on the balance sheet at December 31, 2024