Allowance Method versus Direct Write-off Method On March 10, Mize, Inc, declarfd an $16,000 account...
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Allowance Method versus Direct Write-off Method On March 10, Mize, Inc, declarfd an $16,000 account recenable from the Anders company as uncaliectible and wrote off the Mice received an $10,000 paymern on the account trom Anders. a. Assume that Mize uses the allowance method of tunding credit losses. Prepare the journal entries to record the write-off and the subsequent recovery of Ander's account b. Assume that Mue uses the direct write-off method of handing credit losses. Prepare the journat entries to record the write-off and the subsequent recovery of Ander's accour c. Assume that the payment from Anders arrives on February 5 of the following year rather than on November 18 of the current year. (1) Prepare the jourral entries to record th recovery of Ander's account under the allowance method. (2) Prepare the joumal entries to record the write-off and subsequent recovery of Ander's account under the direct c. Part 1 c.Part 2
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