Project Requirements: This project is to be neatly typed, and well presented. You may work as a team of 2-3 students if you wish (submit one project with team names on it). Handwritten projects will not be accepted. Make sure to leave a blank line between journal entries. Make sure to use appropriate format for financial statements or reports. Support calculations with appropriate tables or schedules. Make sure your name is on the bottom of each page. Case 1 On October 31, 2015 William Company had $180,000 balance in Accounts Receivables and a $7,200 credit balance in the Allowance for Bad Debts. During November, William made 1. Sales on account, $560,000 (ignore Cost of Goods Sold) 2. Collections on account, $598,000 3. Write-offs of uncollectible receivables, $9,000 Requirements: 1. Journalize all November entries using the allowance method. Bad debts expense was estimated at 1% of credit sales. Show all November activity in Accounts Receivable, Allowance for Bad Debts, and Bad Debts Expense (post to these T-accounts). 2. Using the same facts, assume that William used the direct write-0ff method to account for uncollectible receivables. Journalize all November entries using the direct write-off method. Post to Accounts Receivable and Bad Debts Expense and show their balances at November 30, 2015. 3. What amount of Bad Debts Expense would William report on its November income statement under each of the two methods? Which amount better matches expense with revenue? Give your reason.