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Please post answers for all questions accurately without using chatgpt. TIA b. Journalize the transactions under the allowance method, assuming that the allowance account had
Please post answers for all questions accurately without using chatgpt. TIA
b. Journalize the transactions under the allowance method, assuming that the allowance account had a beginning credit balance of $16,020 on January 1 and the company use the analysis of receivables method. Effect of Doubtful Accounts on Net Income During its first year of operations, Mack's Plumbing Supply Co. had sales of $580,000, wrote off $9,300 of accounts as uncollectible using the direct write-off method, and reported net ncome of $63,800. Determine what the net income would have been if the allowance method had been used and the company estimated that 13/4% of sales would be uncollectible. Feedback Check My Work for Bad Debt Expense based on a percent of sales, would affect that net c. How much higher (lower) would Rustic Tables' net income have been under the direct write-off method than under the allowance method? by 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. 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, \$5,340. Aug. 14. Received $3,790 as partial payment on the $9,560 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $5,340 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): Dec. 31 If necessary, record the year-end adjusting entry for uncollectible accounts. Rustic Tables Company prepared the following aging schedule for its accounts receivableStep by Step Solution
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