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Isner Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31, 2010:
Customer AmountL. Hearn $10,000Carrie Murray 9,500Kelly Salkin 13,100Shana Wagnon 2,400Total $35,000a. Journalize the write-offs for 2010 under the direct write-off method.
b. Journalize the write-offs for 2010 under the allowance method. Also, journalize the adjusting entry for uncollectible accounts. The company recorded $2,400,000 of credit sales during 2010. Based on past history and industry averages, 13⁄4% of credit sales are expected to be uncollectible.
c. How much higher (lower) would Isner Company's 2010 net income have been under the direct write-off method than under the allowance method?
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