The Acoounts Receivable balance for Pilgrim Company at Decenber 31, 2015, was \$20,000. Duting 2016. Pigrim eamed revenue of $453,000 on account and collected $329,000 on account. Read the chouicerents Requirements 1. Assume Pilgrim had an unadjusted $2,400 credit balance in Allowance for Bad Debts at December 31,2016. Journalize Pilgrim's December 31, 2016, adjustment to record bad debts expense using the percent-of-receivables method. 2. Assume Pilgrim had an unadjusted $1,500 debit balance in Allowance for Bad Debts at December 31, 2016. Joumalize Pilgrim's December 31, 2016, adjustment to record bad debts expense using the percent-of-receivables method