Requirements

1. Joumalize Magid's transactions during August 2024 assuming Magic uses the direct write-off method .

2. Journalize Magid's transactions during August 2024, assuming Magid uses the allowance method .

During August 2024. Magid Company recorded the following: Sales of $59,000 (544,000 on account: $15,000 for cash). Ignore Cost of Goods Sold Collections on account, $26,500. Write-offs of uncollectible receivables, S1,900. Recovery of receivable previously written off $200 Requirements 1. Journalize Magid's transactions during August 2024, assuming Magid uses the direct write-off method 2. Joumalize Magid's transactions during August 2024, assuming Magid uses the allowance method, Requirement 1. Journalize Magic's transactions during August 2024, assuming Magid uses the direct write-off method Sales of $50,000 (544,000 on account: $15,000 for cash). Ignore Cost of Goods Sold(Record debits first, then credits. Select the explanation on the last line of the journal entry table Prepare a single compound journal entry) Date Accounts and Explanation Debit Credit Aug