During August 2024, Lough Company recorded the following: Sales of $98,500 ($88,000 on account; $10,500 for cash). Ignore Cost of Goods Sold. Collections on account, $71,500. Write-offs of uncollectible receivables, $1,900. Recovery of receivable previously written off, $500. CH Debit Requirements 1. Journalize Lough's transactions during August 2024, assuming Lough uses the direct write-off method. Credit 2. Requirement 1. Journalize Lough's transactions during August 2024, assuming Lough uses the direct write-off method. Sales of $98,500 ($88,000 on account; $10,500 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 Aug. Journalize Lough's transactions during August 2024, assuming Lough uses the allowance method