At the beginging of 2010 ez tech company accounts

Reference no: EM13599988

At the beginging of 2010, EZ Tech Company accounts receivable Balance was 140,000 and the balance in Allowance for Doubtful Accounts was 2,350 (Cr.). EZ Tech sales in 2010 were 1,050,000, 80 % of which were on credit, Collections on account during the year were 670,00. the company wrote off 4,000 of uncollectible accounts during the year.

1. prepare summary journal entries related to the sale, collections, and write-offs of accounts receivable during 2010.

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 uncollectectible are 6% of the year end accunts receivable.

3.What is the net realizable value of accounts receivable on dec 31,2010, under each assumption in (2).

Reference no: EM13599988

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