During August 2024, Tucoim Company recorded the following: Requirements - Sales of $118,200($111,000 on account \$7,200 for cash), Ignore Cost of Goods Sold. 1. Journalize Tuceim's transactions during August 2024, assuming Tucoim usos the - Colections on account, 593.500 direct write-off method - Wrie-olfs of uncollectble receivables, $1,680 2. Joumatie Tuccim's transtactions during August 2024, assuming fuccim uses the - Recovery of rocelvable previously written cal, $300. allowance method Requirement 1. Joumalae Tuccim's tranactions during August 2024, assuming Tuccim uses the direct witie-off method. Sales of \$118,200 (\$111,000 on acoount, \$7,200 for cash). lenore Cost ot Goods Sold. (Recond debits Irst, then credts. Select the explanation on the last ine of the joumal entry table Prepare a aingle cormpound joumal entry) Collections on account $93.500. Recovery of receivable previously written off, $300. Start by preparing the entry to rei Nnw nrenare the antrv in ehrw the mllortion af the nrevinuelv written aff raceivahle Now prepare the entry to show the collection of the previously written off recelvable. Requirement 2. Joumalize Tuccim's transactions durngy August 2024, assuming Tuccim uses the allowance method. Sales of \$118.200 (\$111,000 on account; \$7,200 for cash) lgnore Cost of Goods Sold. (Record debits first then credte. Select the explanatian on the last line of the joumal enty tabio. Prepare a single compound joutnal entry) Collections on account, $93,500. Write-offs of uncollectible receivables, $1,680. Now prepare the entry to show the collection of the previously written off receivable