Required information [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 $256,000 51,000 1,000 (debit) 2. Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. The company estimates 2% of credit sales 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