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Direct write-off method harrisburg company which began

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Direct write-off method. Harrisburg Company, which began business in early 2007, reported $40,000 of accounts receivable on the December 31, 2007, balance sheet. Included in this amount was $550 for a sale made to Tom Mattingly in July. On January 4, 2008, the company learned that Mattingly had filed for personal bankruptcy. Harrisburg uses the direct write-off method to account for uncollectibles.

a. Prepare the journal entry needed to write off Mattingly%u2019s account.

b. Comment on the ability of the direct write-off method to value receivables on the year-end balance sheet.

Reference no: EM13581067

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