Problem 1. ABC Company has a $20,000 account receivable that they have deemed to be uncellectible. a) Assuming the compamy uses the direct write off method, joumalize the necessary entry to write oft the account. b) Assuming the company uses the allowance method, journaliae the necessary entry to write off the account. Problem 2 Durine the year, AnC Company had 52000,000 in sales: At the end of the year, the balance in allownace for doubtful accounts is 51,500 debit, and actounts receivable h. a) Assume that the company uses the percentage of sales method and estimates bad debts to be 3% of sales. joumalize the necesiary adjuture entry at the end of the year, complete the f.ectount, caloulate the company's Niv. Net re alirable valiue Assume that the company uses the aging method and an aginit schedule estimates uncollectible aceounts to be in the amount of 555,000 . Journatize the necessary usting entry at the end of the vear, complete the t-account, calculate the company's NRV. On August 12th, ABC Company receives a $40,000,6%,90-day note receivable Problem 1. ABC Company has a $20,000 account receivable that they have deemed to be uncellectible. a) Assuming the compamy uses the direct write off method, joumalize the necessary entry to write oft the account. b) Assuming the company uses the allowance method, journaliae the necessary entry to write off the account. Problem 2 Durine the year, AnC Company had 52000,000 in sales: At the end of the year, the balance in allownace for doubtful accounts is 51,500 debit, and actounts receivable h. a) Assume that the company uses the percentage of sales method and estimates bad debts to be 3% of sales. joumalize the necesiary adjuture entry at the end of the year, complete the f.ectount, caloulate the company's Niv. Net re alirable valiue Assume that the company uses the aging method and an aginit schedule estimates uncollectible aceounts to be in the amount of 555,000 . Journatize the necessary usting entry at the end of the vear, complete the t-account, calculate the company's NRV. On August 12th, ABC Company receives a $40,000,6%,90-day note receivable