Direct Write-off and Allowance Methods Assignment | Top Universities

Direct Write-off and Allowance Methods Assignment | Top Universities

t pense under the Direct Write-off and Allowance Methods Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Amount Customer Kim Abel Lee Drake Jenny Green $21,550 33,925 27,565 19,460 $102,500

Mike Lamb Total The company prepared the following aging schedule for its accounts receivable on December 31: Receivables Balance on December 31 Estimated Percent of Uncollectible Accounts $715,000 Aging Class (Number of Days Past Due) 0-30 days 31-60 days 61-90 days 91-120 days More than 120 days Total receivables 310,000 102,000 76,000 97,000 $1,300,000 a. Journalize the write-offs under the direct write-off method. If an amount box does not require an entry, leave it blank. b. Journalize the write-offs and the year-end adjusting entry under the allowance method, assuming that the allowance account had a beginning credit balance of $95,000 on January 1 and the company uses the analysis of the receivables method. For a compound transaction, if an amount box does not require an entry, leave it blank. Write-off 111000 0 Adjustment C. How much higher (lower) would Seaforth International's net income have been under the allowance method than under the direct write-off method? Get Accounting homework help today

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Direct Write-off and Allowance Methods Assignment | Top Universities

 

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Direct Write-off and Allowance Methods Assignment | Top Universities

t pense under the Direct Write-off and Allowance Methods Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Amount Customer Kim Abel Lee Drake Jenny Green $21,550 33,925 27,565 19,460 $102,500

Mike Lamb Total The company prepared the following aging schedule for its accounts receivable on December 31: Receivables Balance on December 31 Estimated Percent of Uncollectible Accounts $715,000 Aging Class (Number of Days Past Due) 0-30 days 31-60 days 61-90 days 91-120 days More than 120 days Total receivables 310,000 102,000 76,000 97,000 $1,300,000 a. Journalize the write-offs under the direct write-off method. If an amount box does not require an entry, leave it blank. b. Journalize the write-offs and the year-end adjusting entry under the allowance method, assuming that the allowance account had a beginning credit balance of $95,000 on January 1 and the company uses the analysis of the receivables method. For a compound transaction, if an amount box does not require an entry, leave it blank. Write-off 111000 0 Adjustment C. How much higher (lower) would Seaforth International's net income have been under the allowance method than under the direct write-off method? Get Accounting homework help today

TOP ACADEMIC WRITER
He has decades of experience in the education field and has served in the examination boards of some of the top Universities within & outside the United States America.

Direct Write-off and Allowance Methods Assignment | Top Universities