[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 $240,000 35,000 1,200 (Credit) Allowance for Uncollectible Accounts, December 31, Year 1 1,200 (Credit) Exercise 5-19B Part 1 Required: 1. Record the adjusting entry for uncollectible accounts using the percentage of receivables method. The company estimates 11% 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 Debit Credit De 31 General Journal Bad Debt Expo Allowing for Uncolocible Accounts ype here to search