During August 2024, Yond Company recorded the following: Sales of $50,800 ($44,000 on account: $6,800 for cash). Ignore Cost of Goods Sold. Collections on account, $27,500. Write-offs of uncollectible receivables, $1,060. Recovery of receivable previously written off, $600. Requirements 1. Journalize Yond's transactions during August 2024, assuming Yond uses the direct write-off method. 2. Journalize Yond's transactions during August 2024, assuming Yond uses the allowance method. CHE Requirement 1. Journalize Yond's transactions during August 2024, assuming Yond uses the direct write-off method. Sales of $50,800 ($44,000 on account: $6,800 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 journ entry.) Date Accounts and Explanation Debit Credit Aug. Collections on account, $27,500. Date Accounts and Explanation Debit Credit Aug. Write-offs of uncollectible receivables, $1,060. Date Accounts and Explanation Debit Credit Aug. Recovery of receivable previously written off, $600. Start by preparing the entry to reinstate the receivable. Date Accounts and Explanation Debit Credit Aug. Now prepare the entry to show the collection of the previously written off receivable. Date Accounts and Explanation Debit Credit Aug. Requirement 2. Journalize Yond's transactions during August 2024, assuming Yond uses the allowance method. Sales of $50,800 ($44,000 on account; $6,800 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 Aug. Collections on account, $27,500. Date Accounts and Explanation Debit Credit Aug. Collections on account, $27,500. Date Accounts and Explanation Debit Credit Aug. Write-offs of uncollectible receivables, $1,060. Date Accounts and Explanation Debit Credit Aug. Recovery of receivable previously written off, $600. Start by preparing the entry to reinstate the receivable. Date Accounts and Explanation Debit Credit Aug. Now prepare the entry to show the collection of the previously written off receivable. Date Accounts and Explanation Debit Credit Aug