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.
Required:
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.