gnment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator... Instruction Chart of Accounts Instruction Morry Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31: Customer Amount J. Jackson $10,000 L. Stanton 9,500 C. Barton 13,100 S. Fenton 7,400 Total $40,000 Required: (1) Journalize the write-offs for the current year under the direct write-off method (2) Journalize the write-offs for the current year under the allowance method. Also, journalize the adjusting entry for uncollectible receivables assuming the company made $2.400.000 of credit sales during the year and the industry average for uncollectible receivables is 1.50% of credit sales." nart Or Accounts General Journal Chart of Accounts CHART OF ACCOUNTS Morry Company General Ledger ASSETS REVENUE 410 Sales 610 Interest Revenue 110 Cash 111 Petty Cash 121 Accounts Receivable-C. Barton 122 Accounts Receivable-D. Denton 123 Accounts Receivable-S. Fenton 124 Accounts Receivable-M. Hopkins 125 Accounts Receivable-J. Jackson 126 Accounts Receivable-K. Kellman 127 Accounts Receivable-L. Stanton 128 Accounts Receivable-B. Robbe 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense 523 Delivery Expense 524 Repairs Expense 531 Rent Expense 533 Insurance Expense 534 Supplies Expense Condit Card Canon alize justir vable unco % of General Journal Journalize the write-offs for the current year under the direct write-off method on December 31. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL DESCRIPTION POST. REF. DEBIT CREDIT Joumalize the write-offs for the current year under the allowance method on December 31. Also, joumalize the adjusting entry for uncollectible receivables assuming the company made $2,400,000 of credit sales during the year and the industry average for uncollectble receivables is 1.50N of credit sales. Refer to the Chart of Accounts for exact wording of account titles Final Quesuon (3) How much higher or lower would Morry Company's net income have been under the direct write-off method than under the allowance method