During 2018, its first year of operations, Pave Construction provides services on account of $156,000. By the end of 2018 cash collections on these accounts total $108,000. Pave estimates that 20% of the uncollected accounts will be bad debts. Required: 1. Record the adjustment for uncollectible accounts on December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)