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Category > Management Posted 29 Jan 2018 My Price 5.00

EZ Tech Company

Problem 7-1 Allowance Method for Accounting for Bad Debts

At the beginning of 2014, EZ Tech Company’s Accounts Receivable balance was $140,000, and the balance in Allowance for Doubtful Accounts was $2,350 (Cr.). EZ Tech’s sales in 2014 were

$1,050,000, 80% of which were on credit. Collections on account during the year were

$670,000. The company wrote off $4,000 of uncollectible accounts during the year.

Required

1.        Prepare summary journal entries related to the sale, collections, and write-offs of accounts receivable during 2014.

2.        Prepare journal entries to recognize bad debts assuming that (a) bad debts expense is 3% of credit sales and (b) amounts expected to be uncollectible are 6% of the year-end accounts receivable.

 

 

 

 

 

 

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Maurice Tutor
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Status NEW Posted 29 Jan 2018 10:01 PM My Price 5.00

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