Joey

Joey's Bike Shop sells new and used bicycle parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During Year 1, its first year of operations, Joey's Bike Shop experienced the following- Required: a. Assume that Joey's Bike Shop uses the allowance method of accounting for uncollectible accounts and estimates that 1 percent of its sales on account will not be collected. Answer the following questions: (Use cell references from the given information above to complete these questions.) b. Assume that joev's Bike Shop uses the direct write-off method of accounting for uncollectible accounts. Answer the following questions: Assume that Joey's Bike Shop uses the direct write-off method of accounting for uncollectible accounts. Answer the following questions: (Use cell references from the given information above to complete these questions.)