ENTRIES FOR BAD DEBT EXPENSE USING DIRECT-WRITE OFF METHOD (10 points) Perry Fireworks uses the direct write-off method. Prepare the journal entries for the following transactions. Date Mar 17 Jul 4 Sep 3 Oct 31 Dec 31 Transaction Sale in the amount of $5,000 to Swish Events on account. COGS was $2,500 Wrote off account of Swish Events in the amount of $5,000. Received $2,000 as partial payment on an account receivable for Hot and Cold Plumbing. Wrote off $1,000 which was the remaining balance because they said could not pay. Received the $5,000 from Swish Events whose account had been written off on Jul 4. Reinstated the account and recorded the cash receipt. Wrote off the following account as uncollectible: California Gurls Apparel $1,000

ENTRIES FOR BAD DEBT EXPENSE USING DIRECT-WRITE OFF METHOD (10 points) Perry Fireworks uses the direct write-off method. Prepare the journal entrics for the following transactions. \begin{tabular}{|c|c|} \hline Date & Transaction \\ \hline Mar 17 & Sale in the amount of $5,000 to Swish Events on account. COGS was $2,500 \\ \hline Jul4 & Wrote off account of Swish Events in the amount of 55,000 . \\ \hline Sep 3 & \begin{tabular}{l} Received $2,000 as partial payment on an account receivable for Hot and Cold Plumbing. Wrote \\ off $1,000 which was the remaining balance because they said could not pay. \end{tabular} \\ \hline Oet 31 & \begin{tabular}{l} Received the $5,000 from Swish Events whose account had been written off on Jul 4 . Reinstated \\ the account and recorded the cash receipt. \end{tabular} \\ \hline Dec 31 & \begin{tabular}{l} Wrote off the following account as uncollectible: \\ California Gurts Apparel $1,000 \end{tabular} \\ \hline \end{tabular}