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Entries for bad debt expense under the direct write-off and allowance methods
Casebolt Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31, 2014:
Customer
Amount
Shawn Brooke
4650
Eve Denton
5180
Art Malloy
11050
Cassie Yost
9120
Total
30000
a. Journalize the write-offs for 2014 under the direct write-off method.
b. Journalize the write-offs for 2014 under the allowance method. Also, journalize the adjusting entry for uncollectible accounts. The company recorded $5,250,000 of credit sales during 2014. Based on past history and industry averages, ¾% of credit sales are expected to be uncollectible.
c. How much higher (lower) would Casebolt Company's 2014 net income have been under the direct write-off method than under the allowance method?
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