Question: Exercise 9-9 Comparing direct write-off and allowance method entries P1 P2 Prepare journal entries for Sal Co. to record the following under ( a )

Exercise 9-9 Comparing direct write-off and allowance method entries P1 P2

Prepare journal entries for Sal Co. to record the following under (a) the direct write-off method and (b) the allowance method.

May 3 Sal Co. determines that it cannot collect its accounts receivable of $2,000 from Joey Co.
21 Sal Co. unexpectedly receives payment of $2,000 cash from Joey Co. toward its previously written-off account. Sal records recovery of this bad debt.

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