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Entries for bad debt expense under the direct write-off and allowance methods Casebolt Company wrote...

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Accounting

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Entries for bad debt expense under the direct write-off and allowance methods Casebolt Company wrote off the following accounts recelvable as uncollectible for the first year of its operations ending December 31 : a. Journalize the write-offs under the direct write-off method. If an amount box does not require an entry, leave it blank. b. Journalize the write-offs under the allowance method. Also, joumalize the adjusting entry for uncoliectible accounts. The company recorded 45,250,000 of credit sales during the year. Based on past history and industry averages, 3/4% of credit sales are expected to be uncallectible. If an b. Journalize the write-offs under the allowance method. Also, joumalize the adjusting entry for uncollectible accounts. The company recorded $5,250,000 of credit sales during the year. Based on past history and industry averages, 3/4% of credit sales are expected to be uncollectible. If an amount box does not require an entry, leave it blank. c. How much higher (lower) would Casebolt Company's net income have been under the direct write-off method than under the allowance method? by $

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