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nstructions asebolt Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31: Customer *Amount Shawn Brooke $ 4,650 Eve Denton 5,180 Art Malloy 11,050 Cassie Yost 9,120 Total $30,000 A. Journalize the write-offs under the direct write-off method. Refer to the Chute of Accounts for exact wording of account titles B. Journalize the write-offs under the allowance method. Also, journalize the adjusting entry for uncollectible accounts. The company recorded $5,250,000 of credit sales during the year. Based on past history and industry averages, % of credit sales are expected to be uncollectible. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles C. How much higher (lower) would Casebolt Company's net income have been under the direct write-off method than under the allowance method? ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue EXPENSES 111 Petty Cash 121 Accounts Receivable-Shawn Brooke 122 Accounts Receivable-Eve Denton 123 Accounts Receivable-Art Malloy 124 Accounts Receivable-Cassie Yost 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 510 Cost of Merchandise Sold 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Store Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expense 537 Cash Shorthand Over 538 Bad Debt Expense 181 Land 191 Store Equipment 192 Accumulated Depreciation Store Equipment 193 Office Equipment 194 Accumulated Depreciation Office Equipment LIABILITIES 53U Ulice Salaries Expense of Accounts 146 Store Supplies 531 Rent Expense 151 Prepaid Insurance 532 Depreciation Expense-Office Equipment 181 Land 533 Insurance Expense 191 Store Equipment 534 Office Supplies Expense 535 Store Supplies Expense 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation Office Equipment 536 Credit Card Expense 537 Cash Short and Over 538 Bad Debt Expense LIABILITIES 539 Miscellaneous Expense 210 Accounts Payable 710 Interest Expense 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends A. On December 31, journalize the write-offs under the direct write-off method. Refer to the Chart of Accounts for exact wording of account nitis PAGE JOURNAL ACCOUNTING EQUATION DEBIT POSTA CREDIT ASSETS LIABILITIES EQUITY DATE OSCRIPTION 1 2 3 4 8. On December 31, oumalize the write-offs under the allowance method. Also, Journalize the adjusting entry for uncollectible accounts. The company recorded $5,250,000 of credit sales during the year. Based on past history and industry averages, % of credit sales are expected to be uncollectible. I no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account nitles. PAGE 1 ACCOUNTING EQUATION JOURNAL ASSETS CREDIT LIABILITIES EQUITY DEBIT POST RER DESCRIPTION DATE 1 2 . 4 C. How much higher flower) would Casebolt Company's 2016 net income have been under the direct write-off method than under the allowance method? by