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a,b and c, please Entries for bad debt expense under the direct write-off and allowance method The following selected transactions were taken from the records
a,b and c, please
Entries for bad debt expense under the direct write-off and allowance method The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31 : June 8. Wrote off account of Kathy Quantel, $9,590. Aug. 14. Received $6,810 as partial payment on the $17,170 account of Rosalie Oakes, Wrote off the remaining balance as uncollectible. Oct. 16. Received the $9,590 from Kathy Quantel, whose account had been written off on June 8 . Reinstated the account and recorded the cash receipt: Dec, 31. Wrote off the following accounts as uncollectible (record as one journal entry): Dec. 31. If necessary, journalize the year-end adjusting entry for uncollectible accounts. If no entry is required, select "No Entry Required" and leave the amount boxes blank, If an amount box does not require an entry, leave it blank. If no entry is required, select "No entry" and leave the amount boxes blank. If an amouot box does not require an entry, leave it blank. 3. Joumatizo the transactions under the direct witie-off method. b. Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $28,770 at the beginning of the year and the company uses the analysis of recelvables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable: c. How much higher (lower) would Rustic Tables' net income have been under the direct write-off method than under the allowance method? bys Step by Step Solution
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