7.4A (Algo) Accounting for Uncollectible Accounts (LO7-1, LO7-6) Wilcox Mills is a manufacturer that makes all sales on 30-day credit terms. Annual sales are approximately $30 million. At the end of year 1, accounts receivable were presented in the company's balance sheet as follows. Accounts receivable from clients Less: Allowance for doubtful accounts $3,100,000 80,000 During year 2, $160,000 of specific accounts receivable were written off as uncollectible. Of these accounts written off, receivables totaling $16,000 were subsequently collected. At the end of year 2, an aging of accounts receivable indicated a need for a $224,000 allowance to cover possible failure to collect the accounts currently outstanding. Wilcox Mills makes adjusting entries for uncollectible accounts only at year-end. Required: a. Prepare the following general journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1. One entry to summarize all account