c. $11,090 higher SHOW ME HOW EXCEL TEMPLATE EX 8-14 Entries for bad debt expense under the direct write-off and allowance Obj. 5 methods 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, 58,440. Aug. 14. Received $3,000 as partial payment on the $12.500 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $8.440 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry) Wade Dolan $4,600 Greg Gagne 3,600 Amber Kisko 7.150 Shannon Poole 2,975 Niki Spence 6,630 accounts hod. b. Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $36,000 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: Aging Class (Number of Days Past Due) 0-30 days 31-60 days 61-90 days 91-120 days More than 120 days Total receivables Receivables Balance on December 31 $320,000 110,000 24,000 18,000 43,000 $515,000 Estimated Percent of Uncollectible Accounts 1% 3 10 33 75