Morry Company wrote off the following accounts receivable as uncollect ble for the first year of its operations ending December 31: Customer Amount J. Jackson $10,000 L. Stanton 9,500 G. Barton 13,100 S. Fenton 7400 Total $40,000 Required: (1) Journalize the write-offs for the current year under the direct write-off method (2) Joumalize the write-offs for the current year under the allowance method. Also, journalize the adjusting entry for uncollectible assuming the company made $2,400,000 of credit sales during the year and the industry average for uncollectible recevabi credit sales. s 1.50% of (3) How much higher or lower would Monry Companys net income have been under the direct write-off method than under the band method *Refer to the Chart of Accounts for exact wording of account titles 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. CREDIT Journalize the write-offs for the current year under the allowance method on December 31. 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 recavabins is 1.50% of credit sales. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL DESCRIPTION POST. REF. DEBIT CREDIT (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