Check 7 Part 13 1 Required information The following information applies to the questions displayed below) At the beginning of Year 1, a company has a balance of 525,900 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 loon 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. During Year Instal al conditioning systems on account. $189.000 2. During Year 1 collect $184,000 from customers on account 3. At the end of Year 1 estimate that uncolectible accounts total 20% of ending accounts receivable. 4. In Year 2. customers' accounts totaling $7.900 are written off as uncollectible. H er oo : 1. Record each transaction using the allowance method. (if no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View ansaction live Journal entry worksheet & > During Year 1, install air conditioning systems on account, 189,000 7 Required information Part of Journal entry worksheet 1 1 During Year 1, install air conditioning systems on account, $189,000 General Journal Debit Credit Transaction 1 Mences Clear View general journal 7 Required information Part 1) Journal entry worksheet 3 3 4 > points During Year 1, collect 184,000 from customers on account, 00 te Eroberec Hint General Journal Transaction 2 Detit Credit Dm Clear entry 7 Required information Panto Journal entry worksheet 1 4 At the end of Year 1, estimate that uncollectible accounts total 20% of ending accounts receivable. Gebits before credits Transaction im General Journal Debit Credit rences BMITY Clearen View general Journal 7. Required information wto Journal entry worksheet 1 > points In Year 2, customers' accounts totaling $7,900 are written off as uncollectible werden bereits Transaction General Journal Dehlt Credit Record entry Clearly