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.

Bad debt expense          $ 33,550  

Accounts Receivable  $ 33,550

Allowance for Uncollectible Accounts$ 33,550  

Accounts Receivable                $ 33,550

Explanation:

Accounts Uncollectible are those credit that the company give and there are not chances of been collected.

When the customers buy products on credits but then the company can't collect the debt, then it's necessary  to write off the unpaid bill as uncollectible

One way it's to write-off directly the bad debts at the moment decided that the credit are uncollectible, the total amount it's reported as bad debt expenses which affect negativly the income statement and the accounts receivable are reduce in the same amount, less assets.

The other way it's to determine a percentage of total amount of accounts receivables as uncollectible, exist many ways to analize the accounts receivable and figure the value of uncollectible.

When the company have the percentage of uncollectible accounts the journal entry required is Bad Expenses (debit) with Allowance for Uncollectible Accounts (credit)

At the moment of the write-off as the expenses were before recognized we only use the Allowance for Uncollectible Accounts (Debit) with Accounts Receivable (Credit), with this we are recognizing the uncollectible credit of the company.

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