entries for bad debt expense under the direct write off an allowance 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, $8,440.

Aug 14. received $3000 as partial payment on the $12,500 account of Rosalie Oakes. rolled off the remaining balance as uncollectible.

Oct 16. received the $8440 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

Dec 31. if necessary, record the year and adjusting entry for uncollectible accounts.

if no entry is required, select "no entry" and leave the amount boxes blank. For compound entries, if an amount box does not require an entry, leave it blank.

a. journalize the transactions under the direct write off method.

If no entry is required, select "No entry" and leave the amount boxes blank. For compound entries, 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 Oct. 16-reinstate (11 1 1001 1 100 1 0000 Oct. 16-collection Dec. 31.write-off Check My Work 5 more Check My Work uses remaining Assignment Score: 19.46% hp Dec. 31-adjusting b. Journalize the transactions under the allowance method, assuming that the allowance account had a beginning credit balance of $36,000 on January 1 and the company uses the analysis of receivables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable: Receivables Balance on December 31 Estimated Percent of Uncollectible Accounts Aging Class (Number of Days Past Due) 0-30 days 31-60 days 1% $320,000 110,000 3 10 33 61.90 days 91-120 days More than 120 days Total receivables 24,000 18,000 43,000 $515,000 75 June 000 Aug. 14 Cuck My Work 5 more Check My Work uses remaining Assignment Score: 10.40 Aug. 14 Oct. 16-reinstate Oct. 16-collection 110 I lblID O 000 0 0 000000 Dec, 31 write of Dec. 31-adjusting Check My Work 5 Check My Mousewing Assignment Score: 19.40 c. How much higher (lower) would Rustic Tables' net income have been under the direct write-off method than under the allowance method? by Check My Work 5 more Check My Work uses remaining Assignment Score: 19.46%