uses the allowance method to account for uncollectibles.

Read the requirements.

Requirement $1.$ Journalize Chocolate's Bad Debts Expense using the percent$-$of$-$sales method. $($Record debits first, then credits. Select the explanation on the last line of the journal entry fable.$)$

Requirement $2.$ Show how to report accounts receivable on the balance sheet at December $31,2024.$

Balance Sheet $($Partial$)$:

Current Assets: