The credit manager of Montour Fuel has gathered the following information about the company's accounts receivable and credit losses during the current year: Net credit sales for the year $7,500,000 Accounts receivable at yearend 1,750,000 Uncollectible accounts receivable: Actually written off during the year $09,000 Estimated portion of year-end receivables expected to prove uncollectible (per aging schedule) 34,000 173,000 a. Uncollectible accounts expense is estimated at an amount equal to 2.5 percent of net credit sales. b. Uncollectible accounts expense is recognized by adjusting the balance in the Allowance for Doubtful Accounts to the amount indicated in the year-end aging schedule. The balance in the allowance account at the beginning of the current year was $25,000. (Consider the effect of the writeoffs during the year on the balance in the Allowance for Doubtful Accounts.) c. The company uses the direct write-off method of accounting for uncollectible accounts. Prepare onejournal entry summarizing the recognition of uncollectible accounts expense for the entire year under each of the above independent assumptions. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) View transaction llst Journal entry worksheet Record the estimated uncollectible accounts expense at 2.5% of net credit sales. Note: Enter debits before credits. Record entry Clear entry View general journal Journal entry worksheet Record the entry required to adjust the balance in the allowance account. Note: Enter debits before credits. Record entry Clear entry View general journal Journal entry worksheet Record as uncollectible expense only those accounts determined during the year to be uncollectible. Note: Enter debits before credits. Record entry Clear entry View general journal