(Solved by Humans)-Problem 7-1 Allowance Method for Accounting for Bad Debts At the beginning of 2014, EZ Tech...
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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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This question was answered on: 10 May, 2025
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