Using the Balance Sheet Equation, account for the following transactions:

Image Supply:

1. Image Supply sells $500,000 worth of services on account to various customers
2. Image collects $300,000 from customers on account
3. Image writes-off Customer D because they are unable to collect the accounts receivable; Customer D owes $1,000 (Image uses the Direct Write-Off Method)

PART B:

Strand Corp uses the Allowance Method

Using the Balance Sheet Equation, account for the following transactions:

1) At 12/31/17, the balance in Strand Corps accounts receivable $175,000 and Strand estimates uncollectable accounts to be 10% of accounts receivable balance at 12/31/17

2) After #1 ABOVE, Strand writes-off a specific account that owes the company $10,000

#3) After #2 above, show the co's Net Realizable Balance schedule at 12/31/17

NOTE: as always, show ALL your work for partial credit