Prepare a memo to your client explaining the differences in net income between the direct write$-$off and allowance methods, how each will affect net income, and why your client should change to the allowance method. As part of your accounts receivable discussion, explain the turnover rate and its importance. Also, address how the notes receivable will be recorded under the accrual method of accounting and how the change will affect the income statement and balance sheet. Be sure to address generally accepted accounting principles in your explanations.