During

August2016,

Helio

Company recorded the following:

bullet	Sales of 122,300 ($111,000 on account; $11,300 for cash). Ignore Cost of Goods Sold.
bullet	Collections on account, $99,400.
bullet	Write-offs of uncollectible receivables, $1,450.
bullet	Recovery of receivable previously written off, $200.

Requirements

1.	Journalize HelioHelio's transactions during AugustAugust 20162016, assuming HelioHelio uses the direct write-off method.
2.	Journalize HelioHelio's transactions during AugustAugust 20162016, assuming HelioHelio uses the allowance method.

Requirement 1. Journalize

HelioHelio's

transactions during

AugustAugust

20162016,

assuming

HelioHelio

uses the direct write-off method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)Sales of

$122,300

($111,000 on account; $11,300 for cash). Ignore Cost of Goods Sold. (Prepare a single compound journal entry.)

Date			Accounts and Explanation	Debit	Credit
Aug.

Collections on account,

$99,400.

Date			Accounts and Explanation	Debit	Credit
Aug.

Write-offs of uncollectible receivables,

$1,450.

Date			Accounts and Explanation	Debit	Credit
Aug.

Recovery of receivable previously written off,

$200.

Start by preparing the entry to reinstate the receivable.

Date			Accounts and Explanation	Debit	Credit
Aug.

Now prepare the entry to show the collection of the previously written off receivable.

Date			Accounts and Explanation	Debit	Credit
Aug.

Requirement 2. Journalize

HelioHelio's

transactions during

AugustAugust

20162016,

assuming

HelioHelio

uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Sales of

$122,300

($111,000 on account; $11,300 for cash). Ignore Cost of Goods Sold. (Prepare a single compound journal entry.)

Date			Accounts and Explanation	Debit	Credit
Aug.

Collections on account,

$99,400.

Date			Accounts and Explanation	Debit	Credit
Aug.

Write-offs of uncollectible receivables,

$1,450.

Date			Accounts and Explanation	Debit	Credit
Aug.

Recovery of receivable previously written off,

$200.

Start by preparing the entry to reinstate the receivable.

Date			Accounts and Explanation	Debit	Credit
Aug.

Now prepare the entry to show the collection of the previously written off receivable.

Date			Accounts and Explanation	Debit	Credit
Aug.

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