On February 23, the account of Dan Hall in the amount of $300 was considered...
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Accounting
On February 23, the account of Dan Hall in the amount of $300 was considered uncollectible and written off. On August 12, Hall remitted $200 and indicated that he intends to pay the balance due as soon as possible. By December 31, no further remittance had been received from Hall and no further remittance was expected.
Record journal entries for these transactions assuming:
1. The DIRECT write off method is used
2. The ALLOWANCE method for bad debts is used.
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