Entries folaad Debt Expense under the Direct write-off and Allowance Methods The following selected transactions were taken from the records of Shipway Company for the first year of its operations ending December 31; Apr. 13 Wrote off account of Dean Sheppard, $6,700. May 15 Received $3,350 as partial payment on the $8,910 account of Dan Pyle. Wrote off the remaining balance as uncollectible Received $6,700 from Dean Sheppard, whose account had been written off on April 13. Reinstated the account and recorded the cash July 27 receipt. Dec. 31 Wrote off the following accounts as uncollectible (record as one journal entry) $4,490 3,350 Paul Chapman Duane DeRosa Teresa Galloway Ernie klatt Marty Richey 2,010 2,810 1,010 Dec. 31 If necessary, record the year-end adjusting entry for the uncollectible accounts not required, select "No entry from the dropdown box(es). For those amount boxes in which no entry is required, leave the box blank. If an entry a. Journalize the transactions under the direct write-off method Apr. 13 May 15 Previous Email instructor Save and Exit Submit Assignment for Grading All work saved A 25 BUO LOW ME How die in Get Homework Help With Cheg Books Mwana Bee eBook Show Me How Apr. 13 May 15 July 27-reinstate July 27-collection Dec. 31-write-off Dec. 31-adjusting Previous Email Instructor Save and Exit Submit Assignment for Grading All work saved. b. Shipway Company uses the percent of credit sales method of estimating uncollectible accounts expense. Based on past history and industry averages, 1% of credit sates are expected to be uncollectible. Shipway Company recorded $3,269,100 of credit sales during the year. Joumalize the transactions under the allowance method. Apr. 13 May 15 III I July 27-reinstate July 27-collection Dec. 31-write-off Previous Submit Assignment for Grading Save and Exit Email Instructor All work saved. July 27-collection u dropdown Dec. 31-write-off 14 Dec. 31-adjusting C. How much higher (lower) would Shipway Company's net income have been under the direct write-off method than under the allowance method? by $ Previous Email Instructor Save and Exit Submit Assignment for Grading All work saved. 25 0