Online teacher X + Vtake Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Methods The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $5,250. Aug. 14. Received $3,730 as partial payment on the $9,400 account of Rosalie Oakes. Wrote the remaining balance as uncollectible Oct. 16. Received the $5,250 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt Dec. 31 Wrote off the following accounts as uncollectible (record as one journal entry) $1,520 950 Wade Dolan Greg Gagne Amber Kisko Shannon Poole 3,620 2,100 Niki Spence 580 Dec. 31 If necessary, record the year-end adjusting entry for uncollectible accounts Estimated Percent of Uncollectible Accounts 39 Rustic Tables Company prepared the following aging schedule for its accounts receivable! Aging Class (Number Receivables Balance of Days Past Due) on December 31 0-30 days $252,000 31-60 days 95,000 61-90 days 30,000 91-120 days 11,000 Ad 30 55 Check My Work Save and Et Submit Assign Im/takeAssignment/takeAssignmentMain.do?invokerStakeAssignmentSessionlocator=&inprogress=false eBook Show Me How More than 120 days Total receivables 15,000 85 $403,000 If an amount box does not require an entry, leave it blank. If an account is not required, select "No Entry from the dropdown box(es). a. Journalize the transactions under the direct write-off method. June 8 Aug. 14 > Dec. 31-adjusting Il b. Journalize the transactions under the allowance method, assuming that the allowance account had a beginning credit balance of $15.750 Jamheruny analysis of receivables method June 8. Aug. 14 > > > DI III II ON II III II II Oct.16-reinstate Oct. 16 collection Bock Show Me How Oct.16-reinstate Oct. 16-collection Der 31-write-off II II II III II II II 111111 II Dec. 31-adjusting Il c. How much higher (lower) would Rustic Tables' net income have been under the direct write oft method than under the allowance method? by Check My Work All work saved W2 Online teachi: X akeAssignment/take Assignment Main.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Effect of Doubtful Accounts on Net Income During its first year of operations, Mack's Plumbing Supply Co. had sales of $520,000, wrote off $8,300 of accounts as uncollectible using the direct te of method, and reported set income of $57,200, Determine what the net income would have been if the allowance inethod had been used and the company estimated that 1 345 of sales would be uncollectie Check My Work 10M