Question Help During August 2018, Lough Company recorded the following: Sales of $95,100 ($88,000 on account: $7,100 for cash). Ignore Cost of Goods Sold. Collections on account, $74,700. Write-offs of uncollectible receivables, $1,480. Recovery of receivable previously written off, $300. Requirements 1. Journalize Lough's transactions during August 2018, assuming Lough uses the direct write-off method. 2. Journalize Lough's transactions during August 2018, assuming Lough uses the allowance method. Requirement 1. Journalize Lough's transactions during August 2018, assuming Lough uses the direct write-off method. Sales of 595,100 (588,000 on account: $7,100 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