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Question - Morry Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31:
Customer Amount
J. Jackson $10,000
L. Stanton 9,500
C. Barton 13,100
S. Fenton 7,400
Total $40,000
Required -
a. Journalize the write-offs for the current year under the direct write-off method. If an amount box does not require an entry, leave it blank.
b. Journalize the write-offs for the current year under the allowance method. Also, journalize the adjusting entry for uncollectible receivables assuming the company made $2,400,000 of credit sales during the year and the industry average for uncollectible receivables is 1.50% of credit sales. If an amount box does not require an entry, leave it blank.
c. How much higher or lower would Morry Company's net income have been under the direct write-off method than under the allowance method?
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