On February 23, the account of Dan Hall in the amount of $300 was considered uncollectible and written off. On August 12, Hall remitted $200 and indicated that he intends to pay the balance due as soon as possible. By December 31, no further remittance had been received from Hall and no further remittance was expected. Record journal entries for these transactions assuming: 1. The DIRECT write off method is used. 2. The ALLOWANCE method for bad debts is used. 2. Altowanco method: \begin{tabular}{|c|l|l|l|} \hline \multicolumn{5}{|c|}{ Account } & & \\ \hline Deb 23 & & & \\ \hline & & & \\ \hline & & & \\ \hline Aug 12 & & & \\ \hline & & & \\ \hline Aug 12 & & & \\ \hline & & & \\ \hline \end{tabular} The following selected accounts are for Keystone, Inc., a name brand shoe wholesale store, as of December 31 . 1. Prepare the joumal entry to record bad debt expense for the period. Assume the 2 Prepare the entry to record the estimated bad debt expense for the period if the allowance account is to bo adjusted to 5% of outstanding receivables instead of as in (1) above. Show how you calculated individual amounts below I want to know what buttons vou keyed on the caiculator: Compute the required balance of the Allowance for Doubtful Accounts for the following receivables and prepare the adjusting entry assuming the Allowance for Doubtful Accounts has a $250 debit balance. onow now you canculed inalvouar amounts below I want to know what buttons you keyed on the calculator: Desired Ending Allowance Balance Current Allowance Balance (given in problem) Bad Debt Expense Needed credit balance (from Allowance Amt table Total abovo). Explain how the Allowance method follows Generally Accepted Accounting Principles when tha dirent write off method does not. Ml excius and problems modfied from: Accounting Principles: A Business Perspective. Austhored by: lames Don Edwards, University of lomsescCar:Attitution