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Category > Accounting Posted 11 Aug 2017 My Price 9.00

Posner Company

Posner Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31, 2010:

 

Customer

 

Amount

 

J. Jackson

 

$10,000

 

L. Stanton

 

9,500

 

C. Barton

 

13,100

 

S. Fenton

 

2,400

 

Total

 

$35,000

 

 

 

 

Required:

 

 

 

 

(1)

 

Journalize the write-offs for 2010 under the direct write-off method.

 
   

(2)

 

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 average, 1.50% of credit sales are expected to be uncollectible.

 
   

(3)

 

How much higher or lower would Posner Company's 2010 net income have been under the direct write-off method than under the allowance method?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 01:08 PM My Price 9.00

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