A company uses the direct write-off method and discovers a customer's account in the amount of $3,000 will not be paid because the customer has declared bankruptcy. What is the journal entry that would be made to record this write-off? 
Definitions:
Direct Lease
A lease agreement directly between a lessor and lessee, often used in commercial real estate, where the lessee assumes both the benefits and risks of asset ownership.
Independent Leasing Company
A firm that specializes in leasing equipment or vehicles to businesses or individuals, not affiliated with a manufacturer or vendor of the items leased.
Financial Lease
A long-term lease agreement where the lessee assumes both the rights and risks of asset ownership, effectively treating it as a purchase for accounting purposes.
Cancellable Without Penalty
This term refers to an agreement or contract that can be ended or cancelled without any financial penalties being incurred by the party seeking to terminate the agreement.
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