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Accouting Test
Journalizing transaction using the direct write- off method verses the allowance method
During July 2015, Mayhew company recorded the following:
1: Sales of $86500 ($70000 on accoynt: $ 16500 for cash) 2: collections on account, $62200 3: Write- offs of uncollectable receivables $3200 4: Recovery of receivavle previously written off, $2000
Requirements:
1: Journalize mayhew's transaction during 2015, assuming Mayhew uses the direct write off method. 2: Journalize mayhew's transacton during july 2015, assuming Mayhew uses the allowance method.
Calculate the indirect production cost allocated to each product with the ABC system. Suppose all indirect production cost had been allocated.
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