During August 2018, Lough Company recorded the following Sales of $71.200 (555,000 on account $16.200 for cash), gore Cost of Goods Sol Collections on account, 544,800. Write-offs of uncollectible receivables, $1,050 Recovery of receivable previously written off, $1.000 Requirements 1 Joune Logstransactions during August 2018, assuming Lough the direct we of hod. Journale Logstransactions during August 2010, uning Logised the lowerca hot Requirement 1. Journaiz Lough's transactions during August 2018, assuming Lough uses the direct write-off method Sales of $71.200 (56,000 on account, 616.200 for cash) ignore Cont of Goods Sold record de to first, then credits. Belect the explanation on the last line of the jour entry. Pero a single compound journal entry) Accounts and Explanation Credit Date Debit Aug Keyboard