Which of these transactions requires a credit entry to Revenue? O received cash from bank loan refunded a customer for a defective product collected balance due from customers received cash for services performed this month

b. Assume that Joey's Bike Shop uses the direct write-off method of accounting for uncollectible accounts. Answer the following questions: (1) What is the Accounts Receivable balance at December 31, Year 1? (2) What is the amount of uncollectible accounts expense for Year 1? (3) What is the net realizable value of accounts receivable at December 31, Year 1?

Allowance Method versus Direct Write-Off Method  On March 10, May, Inc., declared a $2,500 account receivable from Anders Company as uncollectible and wrote off the account. On November 18, May received a $800 payment on the account from Anders. Assume that May uses the allowance method of handling credit losses. Prepare the journal entries to record the write-off and the subsequent recovery of Anders’s account.   Assume that May uses the direct write-off method of handling credit losses. Prepare the journal entries to record the write-off and the subsequent recovery of Anders’s account.   Assume that the payment from Anders arrives on the following February 5, rather than on November 18 of the current year. (1) Prepare the journal entries to record the write-off and subsequent recovery of Anders’s account under the allowance method. (2) Prepare the journal entries to record the write-off and subsequent recovery of Anders’s account under the direct write-off method.    a. General…

Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17:  Received $2,640 from William Pruitt and wrote off the remainder owed of $2,900 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17                       July 29:  Reinstated the account of William Pruitt and received $2,900 cash in full payment. July 29               July 29