v Homepage | LAMC x 1 Chapter 8 HW: Receivables x CengageNOWv2 | Online teach x Cengage Learning x C Note receivable Prefix Supply C X Chat Thread X + X O 2% v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=assignment-take&inprogress=false G H Chapter 8 HW: Receivables eBook Show Me How Dec. 31 Bad Debt Expense 13,510 Accounts Receivable-Paul Chapman 2,225 Accounts Receivable-Duane DeRosa 3,550 Accounts Receivable-Teresa Galloway Accounts Receivable-Ernie Klatt Accounts Receivable-Marty Richey Dec. 31 No Entry Required Accounts Receivable b. Journalize the transactions under the allowance method. Shipway Company uses the percent of credit sales method of estimating uncollectible accounts expense. Based on past history and industry averages, 3/4% of credit sales are expected to be uncollectible. Shipway recorded $3,778,000 of credit sales during the year. Apr. 13 O May 15 10 010 00 July 27 July 27 Dec. 31 Dec. 31 c. How much higher (lower) would Shipway Company's net income have been under the direct write-off method than under the allowance method? by $ 9:08 PM Monday Check My Work 3 more Check My Work uses remaining. Previous Next 9/23/2024 Assignment Score: 46.67% All work saved. Save and Exit Submit Assignment for Gradingv Homepage | LAMC x 1 Chapter 8 HW: Receivables x CengageNOWv2 | Online teach x Cengage Learning x C Note receivable Prefix Supply C X | Homework Help - Q&A from O x | + X 2% v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=assignment-take&inprogress=false G H Chapter 8 HW: Receivables eBook Show Me How The following selected transactions were taken from the records of Shipway Company for the first year of its operations ending December 31: ? 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. Received $8,450 from Dean Sheppard, whose account had been written off on April 13. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Paul Chapman $2,225 Duane DeRosa 3,550 Teresa Galloway 4,770 Ernie Klatt 1,275 Marty Richey 1,690 31. If necessary, journalize the year-end adjusting entry for uncollectible accounts. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. O a. Journalize the transactions under the direct write-off method. Apr. 13 Bad Debt Expense 8,450 Accounts Receivable-Dean Sheppard 8.450 May 15 Cash 500 Accounts Receivable-Dan Pyle Bad Debt Expense July 27 Accounts Receivable-Dean Sheppard 8,450 Bad Debt Expense 8,450 July 27 Cash 8,450 Accounts Receivable-Dean Sheppard 8,450 Dec. 31 Bad Debt Expense 13,510 Accounts Receivable-Paul Chapman 2,225 Accounts Receivable-Duane DeRosa 3,550 Accounts Receivable-Teresa Galloway 4,770 Accounts Receivable-Ernie Klatt 1690 Accounts Receivable-Marty Richey 1.690 Dec. 31 No Entry Required Accounts Receivable 9:09 PM Monday Check My Work 3 more Check My Work uses remaining. Previous Next 9/23/2024 Assignment Score: 46.67% All work saved. Save and Exit Submit Assignment for Grading