Required information [The following information applies to the questions displayed below) At the beginning of Year 1. a company has a balance of $25,200 in accounts receivable Because the company is a privately owned company, the company has used only the direct write-off method to account for uncollectible accounts However at the end of Yeart the company wishes to obtain a loan at the local bank, which requires the preparation of proper financial statements. This means that the company now will need to use the allowance method. The following transactions occur during Year 1 and Year 2 1 Duning Yeart install air conditioning systems on account. 5182.000 2. During Year 1 collect $177,000 from customers on account 3. At the end of Yeart, estimate that uncollectible accounts total 10% of ending accounts receivable 4. In Year 2, customers' accounts totaling $7.200 are written off as uncollectible, 2. Record each transaction using the direct write-off method (if no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) Journal entry worksheet Journal entry worksheet 4 3 1