During August 2024, Lough Company recorded the following: Sales of $58,400 ($44,000 on account: $14,400 for cash). Ignore Cost of Goods Sold. Collections on account, $34,100. Write-offs of uncollectible receivables, $1,900. Recovery of receivable previously written off, $600. Requirements 1. Journalize Lough's transactions during August 2024, assuming Lough uses the direct write-off method. 2. Journalize Lough's transactions during August 2024, assuming Lough uses the allowance method. 6 Requirement 1. Journalize Lough's transactions during August 2024, assuming Lough uses the direct write-off method. Sales of $58,400 ($44,000 on account: $14,400 for cash). Ignore Cost of Goods Sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound journal entry) Date Accounts and Explanation Debit Credit h Aug