Since your business has decided to extend credit to customers,please prepare the following journal entries using the direct write off method. One of your customers, Mrs. Allen Taylor, purchased on account $400 of items at your business in August. Invoices were sent to customers on August 31 with credit term of net 30. No payment was received from the customer within the 30-day period. On November 1, the business received $150 from Mrs. Allen Taylor and proceeded to write off the remainder owed as uncollectible. On January 15 of the following year, Mrs. Allen Taylor called your client and wanted to pay the remainder owed on the August purchase at your business. In addition to the journal entries to record the above transactions, please answer the following questions. Why do you think Mrs. Allen Taylor wanted to pay the remaining balance what was previously written off? What is the benefit to Mrs. Allen Taylor in now paying the amount that was previously written off? What is the benefit to the company to now receive the amount that was previously written off?