1) At the end of the year, a company reports a balance in its Allowance for Uncollectible Accounts of $2,000 (credit) before any year-end adjustment. The company estimates future uncollectible accounts to be 3% of credit sales for the year. Credit sales for the year total $288,000. Record the adjustment for the allowance for uncollectible accounts using the percentage-of-credit-sales method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)