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 $735,000 1 % 0-30 days 31-60 days 61-90 days 91-120 days 290,000 111,000 70,000 More than 120 days 94,000 Total receivables $1,300,000 I din nff mathed Tf an amount box does not require an entry Check My Work Under the direct write-off method, Bad Debt Expense is recorded when the customer's account adjusting entry at year-end to record estimated bad debt. determined to be worthless and written-off. There is no 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 589,000 the company uses the analysis of receivables method. If an amount box does not require an entry, leave it blank. Allowance for Doubtful Accounts 103,100 Accounts Receivable-Kim Abel Accounts Receivable-Lee Drake Accounts Receivable-Jenny Green Accounts Receivable-Mike Lamb Bad Debt Expense Allowance for Doubtful Accounts c. How much higher (lower) would Seaforth International's net income have been under the allowance method than under the direct write-off method? Lower Meeting in 'General" 12:25 Feedback Check My Work TY Check My Work Email Instructor All work saved. TT 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 $735,000 1 % 0-30 days 31-60 days 61-90 days 91-120 days 290,000 111,000 70,000 More than 120 days 94,000 Total receivables $1,300,000 I din nff mathed Tf an amount box does not require an entry Check My Work Under the direct write-off method, Bad Debt Expense is recorded when the customer's account adjusting entry at year-end to record estimated bad debt. determined to be worthless and written-off. There is no 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 589,000 the company uses the analysis of receivables method. If an amount box does not require an entry, leave it blank. Allowance for Doubtful Accounts 103,100 Accounts Receivable-Kim Abel Accounts Receivable-Lee Drake Accounts Receivable-Jenny Green Accounts Receivable-Mike Lamb Bad Debt Expense Allowance for Doubtful Accounts c. How much higher (lower) would Seaforth International's net income have been under the allowance method than under the direct write-off method? Lower Meeting in 'General" 12:25 Feedback Check My Work TY Check My Work Email Instructor All work saved. TT