Test 2 Calculator Instructions Chart of Accounts Journal Final Question Instructions Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer Amount Kim Abel S24,400 Lee Drake 30.150 Jenny Green 29,800 Mike Lamb 17,800 Total $102,150 The company prepared the following aging schedule for its accounts receivable on December 31: Aging Class (Number of Days Past Due) Receivables Balance on December 31 Estimated Percent of Uncollectible Accounts 0-30 days $735,000 1% 31 60 days 290,000 2 61 90 days 114,000 15 Previous Next All work saved. Save and Exit Submit Test for Grading Test 2 Calculator Aging Class (Number of Days Past Due) Recelvables Balance on December 31 Estimated Percent of Uncollectible Accounts 0-30 days $735,000 1% 31 60 days 290.000 2 61 90 days 114,000 15 91-120 days 70,000 30 More than 120 days 92,000 60 Total receivables $1,301.000 A. Journalize the write-offs under the direct write-off method. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. B. Journalize the write-offs and the year-end adjusting entry under the allowance method, assuming that the allowance account had a beginning balance of $87,950 and the company uses the analysis of receivables method. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. C. How much higher (lower) would Seaforth International's net income have been under the allowance method than under the direct write-off method? Chart of Accounts Previous Next All work saved. Save and Exit Submit Test for Grading Test 2 Calculator PAGE 1 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT ACCOUNTING FOLATION ASSETS LIABILITIES EQUITY Final Question C. How much higher (lower) would Seaforth Intemational's net income have been under the allowance method than under the direct write-off method? by $ Previous Next All work saved. Save and Exit Submit Test for Grading