Entries for bad debt expense under the direct write-off and allowance methods Instructions Chart of Accounts General Journal Final Question Instructions 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, $8,390. Aug 14 Received $2,985 as partial payment on the $12.455 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16 16 Received the $8,390 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): $4,640 Wade Dolan Greg Gagne 3,610 Amber Kisko 7,195 2,090 Shannon Poole Niki Spence 6,580 31 If necessary, record the year-end adjusting entry for uncollectible accounts. Instructions Rustic Tables Company prepared the following aging schedule for its accounts receivable: Aging Class (Number of Days Past Due) Receivables Balance on December 31 Estimated Percent of Uncollectible Accounts 0-30 days 31-60 days 61-90 days 91-120 days More than 120 days Total receivables Required: $321,700 1% 108,400 4 25,000 11 17,300 34 43,100 79 $515,500 a Journalize the transactions under the direct write-off method. b. Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $35,400 and the company uses the analysis of receivables method. c. How much higher (lower) would Rustic Tables' net income have been under the direct write-off method than under the allowance method? Entries for bad debt expense under the direct write-off and allowance methods Instructions Chart of Accounts Instructions Final Question General Journal Final Question c. How much higher (lower) would Rustic Tables' net income have been under the direct write-off method than under the allowance method? by