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Entries for Bed Debt Expense Under the Direct Write-off and Allowance Methods Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer Amount Kim Abel Lee Drake $24,300 31,950 Jenny Green 30,000 Mike Lamb 17,800 Total $104,050 The company prepared the following aging schedule for its accounts receivable on December 31: Aging Class (Number of Days Past Due) Receivables Balance on December 31 Estimated Percent of Un collectible Accounts 1 % 0-30 days 31-60 days 61-90 days 91-120 days $730,000 300,000 2 15 115,000 75,000 30 More than 120 days 60 92,000 $1,312,000 Total receivables a lournalize the write-offs under the direct write-off method. If an amount hox does not renuire an entry leave it hank Check My Work Previous Next a. Journalize the write-offs under the direct write-off method. If an amount box does not require an entry, leave it blank. Bad Debt Expense 104,050 Accounts Receivable-Kim Abel 24.300 Accounts Receivable-Lee Drake 31,950 Accounts Receivable-Jenny Green 30,000 Accounts Receivable-Mike Lamb 17,800 Feedback Check My Wor Under the direct write-off method, Bad Debt Expense is recorded when the customer's account is determined to be worthless and written-off. There is no adjusting entry at year-end to record estimated bad debt. b. Journalize the write-offs and the year-end adjusting entry under the allowance method, assuming that the allowance account had a beginning balance of $89,950 and the company uses the analysis of receivables method. If an amount box does not require an entry, leave it blank. Allowance for Doubtful Accounts 104,050 Accounts Receivable-Kim Abel 24.1007 Accounts Receivable-Lee Drake 31,950 Accounts Receivable-Jenny Green 30,000 Accounts Receivable-Mike Lamb 17.00 b. Journalize the write-offs and the year-end adjusting entry under the allowance method, assuming that the allowance account had a beginning balance of $89,950 and the company uses the analysis of receivables method. If an amount box does not require an entry, leave it blank. Allowance for Doubtful Accounts 104,050 Accounts Receivable-Kim Abel 24,300 Accounts Receivable-Lee Drake 31,950 Accounts Receivable-Jenny Green 30,000 Accounts Receivable-Mike Lamb 17,800 Bad Debt Expense 104,050 x Allowance for Doubtful Accounts 52.420 X Feedback c. How much higher (lower) would Seaforth International's net income have been under the allowance method than under the direct write-off method? Lower 52,420 X Feedback