The Accounts Receivable balance for Lantana Company at December 31, 2023, was $30,000. During 2024, Lantana earned revenue of $456,000 on account and collected $326,000 on account. Lantana wrote off $6,400 1 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 3% of accounts receivable Read the requirements Requirement 1. Assume Lantana had an unadjusted $2,300 credit balance in Allowance for Bad Debts at December 31, 2024, Journalize Lantana's December 31, 2024, adjustment to record bad debts expense using the percent-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Dec. 31 Bad Debts Expense Allowance for Bad Debts Debit Credit Recorded bad debts expense for the period Requirement 2. Assume Lantana had an unadjusted $1,500 debit balance in Allowance for Bad Debts at December 31, 2024, Joumalize Lantana's December 31, 2024, aqustment to record bad debts expense using the percent-of-receivables method. (Record debits first, then credits Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Dec. 31 Bad Debts Expense Allowance for Bad Debts Debit Credit Next