.1. The first transaction to be recorded on July 15 is a credit sale of $950 to CompStore (cost of sales to TechCom is $630 assuming a perpetual inventory system). The second is a collection of $720 from RDA Electronics from prior credit sales.

__2. TechCom, for instance, had credit sales of approximately $300,000 during its first year of operations. At the end of the first year, $20,000 of credit sales remained uncollected. Based on the experience of similar businesses, TechCom estimated bad debt expense to be $1,500.

a. Required pass the entry on Dec 31^st

b. Show ledger accounts on 31^st

c. Show how current assets would appear on 31^st.

__3. Now imagine a particular customer of Techchom , Jack kent actually declares himself as bank rupt for $520 on Jan 23^rd.What is the entry ?How does the B/S look now?

_4. 4. On March 11, Jack Kent pays in full his account that TechCom previously wrote off. The first entry reinstates the accounts receivable balance. Entry?