The Accounts Receivable balance and Allowance for Bad Debts for World Class Sport Shoes at December 31, 2017, was 510,800 and $2,000 (credit balance). respectively. During 2018 World Class Sport Shoes completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize World Class Sport Shoes's transactions for 2018 assuming World Class Sport Shoes uses the allowance method. (Record debits first, then credits Select the explanation on the last line of the journal entry table.) a. Sales revenue on account, $272,100 (ignore Cost of Goods Sold) Accounts and Explanation Debit lor 4. Arabia Petroleum holds huge reserves of oil. Assume that at the end of 2017, Arabia Petroleum's cost of oil reserves totaled 596,000,000, representing 160,000,000 barrels of oil. Suppose Arabia Petroleum removed and sold 5,000,000 barrels of oil during 2018. Journalize depletion expense for 2018. (Assume no residual value. Record debits first, then credits Select the explanation on the last line of the journal entry table)