Business, 05.07.2021 19:50 plzhelpmeasap46

Journalizing transactions using the direct write-off method versus the allowance method During August 2018, Lima Company recorded the following . Sales of $133,300 ($122,000 on account $11,300 for cash). Ignore Cost of Goods Sold.
. Collections on account, $106,400.
. Write-offs of uncollectible receivables, $990.
. Recovery of receivable previously written off, $800.
Requirements
1. Journalize Lima's transactions during August 2018, assuming Lima uses the direct write-off method
2. Journalize Lima's transactions during August 2018, assuming Lima uses the allowance method.

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