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Journalize mayhews transacton during july

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Reference no: EM131334151

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.

Reference no: EM131334151

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