(L.OB). 4, 5) Accounting for uncollectible accounts using the direct write-off method an...

(L.OB). 4, 5) Accounting for uncollectible accounts using the direct write-off method and reporting receivables on the balance sheet [10—15 min]

Refer to the facts presented in Exercise 8-16.

Requirements

1. Journalize sales, collections, uncollectible-account expense using the direct write-off method, and write-offs of uncollectibles during October 2011.

2. Show how Accounts receivable would be reported for Eagle Mountain Flagpoles on its October 31, 2011, balance sheet under the direct write-off method.