Entries for Bad Debt Expense under the Direct Write-Off and Allowance Methods The following selected transactions were taken from the records of Shipway Company for the first year of its operations ending Decemb Apr. 13. Wrote off account of Dean Sheppard, $8,450. May 15. Received $500 as partial payment on the $7,100 account of Dan Pyle. Wrote off the remaining balance as uncollectible. July 27. Recelved $8,450 from Dean Sheppard, whose account had been written off on April 13. Reinstated the account and recorded receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one joumal entry): 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-nff mothnd Learning objective 5 Entry" and leave the amount boxes blank. If an amount box does not require an entry b. Journalize the trangactions under the allowance method, Shipway Company uses the percent of credit sales method of estimating 8ased on past history and industry averages, 3%% of ciedit sales are expected to be uncoliectible. Shipway Cormpany recorded \$3,778 c. How much higher (lower) would Shibway Company's net income have been under the direct write-off method than under the allowance method? by 5 Entries for isd bebt Exporise under the Dhroct Write-off and abowance Hethods The following refected transactons were taken ftom the records of Shioway Company for the first year of its operations endiog Decernber 31 : Aer. 12. khote off account of Dean Sheppard, 38,450. May 15. Heceived \$500 it partial payment on the $7,100 account of Dan Pyle. Wrote of the remaining balance as uncollectible. Jully 27. Peceived \$8,450 from Dean Sheppard, Whose account had been nitten off on April 13. Reinstated the account and recorded the cash receint. Dec. 11. Wrote off the following acoubits as uncollectible (fecord as ohe journal entry): 31. if iecelsarv, record the year-end adjusting entry for uncollectible accounts. Entries for Bad Debt Expense under the Direct Write-Off and Allowance Methods The following selected transactions were taken from the records of Shipway Company for the first year of its operations ending Decemb Apr. 13. Wrote off account of Dean Sheppard, $8,450. May 15. Received $500 as partial payment on the $7,100 account of Dan Pyle. Wrote off the remaining balance as uncollectible. July 27. Recelved $8,450 from Dean Sheppard, whose account had been written off on April 13. Reinstated the account and recorded receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one joumal entry): 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-nff mothnd Learning objective 5 Entry" and leave the amount boxes blank. If an amount box does not require an entry b. Journalize the trangactions under the allowance method, Shipway Company uses the percent of credit sales method of estimating 8ased on past history and industry averages, 3%% of ciedit sales are expected to be uncoliectible. Shipway Cormpany recorded \$3,778 c. How much higher (lower) would Shibway Company's net income have been under the direct write-off method than under the allowance method? by 5 Entries for isd bebt Exporise under the Dhroct Write-off and abowance Hethods The following refected transactons were taken ftom the records of Shioway Company for the first year of its operations endiog Decernber 31 : Aer. 12. khote off account of Dean Sheppard, 38,450. May 15. Heceived \$500 it partial payment on the $7,100 account of Dan Pyle. Wrote of the remaining balance as uncollectible. Jully 27. Peceived \$8,450 from Dean Sheppard, Whose account had been nitten off on April 13. Reinstated the account and recorded the cash receint. Dec. 11. Wrote off the following acoubits as uncollectible (fecord as ohe journal entry): 31. if iecelsarv, record the year-end adjusting entry for uncollectible accounts