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Category > Accounting Posted 25 Sep 2017 My Price 7.00

Casebolt Company

EX 8-17 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

$ 4,650

Eve Denton

5,180

Art Malloy

11,050

Cassie Yost

9,120

Total

$30,000

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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Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 10:09 PM My Price 7.00

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