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, $6,100. Aug. 14. Received $4,330 as partial payment on the $10,920 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $6,100 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): Wade Dolan $1,770 Greg Gagne Amber Kisko 1,100 4,210 Shannon Poole 2,440 Niki Spence 670 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 amount box does not require an entry, leave it blank. a. Journalize the transactions under the direct write-off method. Date Account Debiti Credit June 8 Aug. 14 ] 000 00 Previous Oct. 16. Oct. 16 Dec. 31 Dec. 31 38 b. Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $18,300 at the beginning the company uses the analysis of receivables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable: Aging Class (Number of Days Past Due) 0-30 days 31-60 days Receivables Balance on December 31 $293,000 110,000 Estimated Percent of Uncollectible Accounts 3% 7 61-90 days 35,000 20 91-120 days 13,000 45 More than 120 days 18,000 85 Email Instructor Save and Exit Sube b. Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $18,300 at the beginning of the year and the company uses the analysis of receivables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable: Aging Class (Number of Days Past Due) Receivables Balance on December 31 $293,000 Estimated Percent of Uncollectible Accounts 3% 0-30 days 31-60 days 61-90 days 91-120 days More than 120 days. Total receivables Date June 8 Aug. 14 Oct. 16 Oct. 16 110,000 7 35,000 20 13,000 45 18,000 85 $469,000 Account Debit Credit Previous eBook June 81 Aug. 14 Oct. 16 Oct. 16 Dec. 31 Dec. 31 Show Me How 00 0000 c. How much higher (lower) would Rustic Tables' net income have been under the direct write-off method than under the allowance method? by: Pr trictor Save and Exit Submit Assignm