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Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Method The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $6,820. Aug, 14. Received $4,840 as partial payment on the $12,210 account of Rosalie Oakes, Wrote off the remaining balance as uncolle Oct. 16. Received the $6,820 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and red receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan $1,980 Greg Gagne 1,230 Amber Kisko 4,710 750 Shannon Poole 2,730 Niki Spence Dec. 31. If necessary, record the year-end adjusting entry for uncollectible accounts. If no entry is required, select "No entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank a. Journalize the transactions under the direct write-off method. June 8 Aug, 14 11 oBook Show Me How Oct. 16 Oct. 16 Dec. 31 Dec. 31 b. Journalize the transactions under the Silowance method, assuming that the allowance account had a beginning balance of $20,460 at the beginning of the year and the company uses the analysis of receivables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable: Estimated Percent of Uncollectible Accounts 3% Aging Class (Number of Days Past Due) 0-30 days 31-60 days Recelvables Balance on December 31 $327,000 123,000 39,000 14,000 9 30 61-90 days 55 91-120 days Nov Total receivables $523,000 June 8 Aug. 14 Oct. 16 Check My Work 5 more Check My Work uses remaining, Oct. 16 Oct. 16 Dec. 31 Im1 IIIIII In Dec. 31 C. How much higher (lower) would Rustic Tables' net income have been under the direct write-ofthod than under the allowance method? by Previous Net Check My Work 5 more Check My Work uses remaining Save and Submit Agent for Grading All work saved * C 9 . O O & 7 00 8 % 5 6 P o P Y U T Show Me How Entries for Bad Debt Expense Under the Direct Write-off and Allowance Method The following selected transactions were taken from the records of Rustic Tales Company for the year ending December 31 June 8. Wrote off account of Kathy Quantel, 56,820, Aug. 14. Received $4,840 as partial payment on the $12,210 account of Rosalie Oakes. Wrote of the remaining balance as uncle Oct. 16. Received the $6,820 from Kathy Quantel, whose account had been written of one & Reinstated the account and reco receipt Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan $1,980 1,230 Greg Gagne Amber Kisko 4,710 Shannon Poole 2,730 Nik Spence 750 Dec. 31. If necessary, record the year-end adjusting entry for uncolectible accounts. If no entry is required, select "No entry and leave the amount boxes. If an amount ox does not an entre lave bank a. Journalize the transactions under the direct write-method June 8 Aug. 16 Nee) Check My Work Smare Check My Workoming Save and Santamento Grading MacBook Pro o . C 9 O > 8 @ 8 7 8 (0 5 0 o U U Y T L J H G se Under the Direct Write-Off and Allowance Method sactions were taken from the records of Rustic Tables Company for the year ending December 313 nt of Kathy Quantel, $6,820 as partial payment on the $12,210 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible, 5,820 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash llowing accounts as uncollectible (record as one journal entry): $1,980 1,230 4,710 2,730 750 ecord the year-end adjusting entry for uncollectible accounts lect "No entry" and leave the amount boxes blank. If an amount box does not require an entry leave it tions under the direct write-off method.