Question

During August 2015, Bingham Company recorded the following:
• Sales of $ 75,600 ($ 66,000 on account; $ 9,600 for cash).
• Collections on account, $ 53,200.
• Write-offs of uncollectible receivables, $ 1,120.
• Recovery of receivable previously written off, $ 800.

Requirements
1. Journalize Bingham’s transactions during August 2015, assuming Bingham uses the direct- write off method.
2. Journalize Bingham’s transactions during August 2015, assuming Bingham uses the allowance method.



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  • CreatedJanuary 16, 2015
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