Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance of an account owed by a customer, Alliance Inc.

Required:

On March 1, journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles.

Instructions Journal Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance of an account owed by a customer, Alliance Inc. (a) On March 1, journalize the entry to record the write-off, assuming that the direct write-off method is used. Refer to the Chart of Accounts for exact wording of account titles. Required: On March 1, journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles. JOURNAL PAGE 1 ACCOUNTING EQUATION ASSETS LIABILITIESQUITY DATE DESCRIPTION POST: DEBIT CREDIT (b) On March 1, journalize the entry to record the write-off, assuming that the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 ACCOUNTING EQUATION JOURNAL DATE DESCRIPTION POST DEBIT CREDIT ASSETS LIABILITIESQUITY