Exercise 5-19B Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) [The following information applies to the questions displayed below.] A company reports the following amounts at the end of Year 1 (before adjustment). Credit Sales for Year 1 Accounts Receivable, December 31, Year 1 Allowance for Uncollectible Accounts, December 31, Year 1 $242,000 37,000 1,000 (Credit) Exercise 5-19B Part 1 Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. The company estimates 10% of receivables will not be collected. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < Record the adjusting entry for Uncollectible Accounts. Note: Enter debits before credits Date December 31 General Journal Debit Credit