Reference no: EM13916624
The trial balance of Lozier Inc. shows a $52,000 outstanding balance in Accounts Receivable at the end of 2008. During 2009, 80 percent of the total credit sales of $2,600,000 was collected, and no receivables had been written off as uncollectable. The company uses the allowance method to account for bad debts and estimated that 1 percent of total credit sales would be uncollectable. During 2010, the account of El Cajon Company, with a balance of $3,500, was judged to be uncollectable and written off. At the end of 2010, the amount previously written off was collected from El Cajon.
Prepare the necessary journal entries to record
1. The credit sales during 2009
2. The collection of cash from credit sales during 2009
3. The bad debts expense for 2009
4. The write-off of the El Cajon account in 2010
5. The collection of the El Cajon account in 2010
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