Hazard Company wrote off the following accounts receivable as uncollectible for the year ending December 31, 2008:

a. Journalize the write-offs for 2008 under the direct write-off method.

b. Journalize the write-offs and the year-end adjusting entry for 2008 under the allowance method, assuming that the allowance account had a beginning balance of \(\$ 18,000\) on January 1,2008 , and the company uses the analysis of receivables method.

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Customer Boss Hogg Daisy Duke Bo Duke Luke Duke Total Amount $ 5,000 3,500 6,300 4,200 $19,000 The company prepared the following aging schedule for its accounts receivable on De- cember 31, 2008: Aging Class (Number of Days Past Due) Receivables Balance on December 31 0-30 days $380,000 31-60 days 61-90 days 91-120 days More than 120 days Total receivables 70,000 30,000 25,000 10,000 $515,000 Estimated Percent of Uncollectible Accounts 2% 25558 15