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Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance of...

Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance of an account owed by a customer, Alliance Inc. On March 1, journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles.

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Answer #1

a) Direct write off method

Date account and explanation debit credit
Bad debt expense 33550
Account receivable 33550
(To record bad debt expense)

b) Allowance method

Date account and explanation debit credit
Allowance for doubtful accounts 33550
Account receivable 33550
(To record bad debt expense)
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