During August 2018, Bingham Company recorded the following: bullet Sales of $ 68 comma 900 ($ 55 comma 000 on account; $ 13 comma 900 for cash). Ignore Cost of Goods Sold. bullet Collections on account, $ 45 comma 100. bullet Write-offs of uncollectible receivables, $ 1 comma 680. bullet Recovery of receivable previously written off, $ 300. Requirements 1. Journalize Bingham's transactions during August 2018, assuming Bingham uses the direct write-off method. 2. Journalize Bingham's transactions during August 2018, assuming Bingham uses the allowance method.

Value economics capital scarcity opportunity cost wealth labor trade-offs standard of living good a. condition of not having enough resources to produce all the things people want b. alternative choices made by consumers in the marketplace c. sum of those economic products that are tangible, scarce, useful, and transferable d. tools, equipment, machinery, and factories used in the production of goods and services e. tangible item that is economically useful or that satisfies an economic want f. quality of life based on the ownership of the necessities and luxuries that make life easier g. people with all their efforts, abilities, and skills h. cost of the next-best alternative use of money, time, or resources when one choice is made rather than another i. study of how people try to satisfy their needs through the careful use of scarce resources j. worth that can be expressed in dollars and cents