Question
At the beginning of 2017, EZ Tech Company's Accounts Receivable balance was $154,000, and the balance in Allowance for Doubtful Accounts was $2,600. EZ Tech's
At the beginning of 2017, EZ Tech Company's Accounts Receivable balance was $154,000, and the balance in Allowance for Doubtful Accounts was $2,600. EZ Tech's sales in 2017 were $1,160,000, 90% of which were on credit. Collections on account during the year were $740,000. The company wrote off $4,000 of uncollectible accounts during the year.
How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign.
Balance Sheet | Income Statement | |||||||||||||
Stockholders' | Net | |||||||||||||
Assets | = | Liabilities | + | Equity | Revenues | Expenses | = | Income | ||||||
Bad Debt ExpenseCashPrepaid ExpenseSales RevenueUnearned RevenueNo EntryCash | fill in the blank c2aee7ff5007066_2 | Accounts PayableAccounts ReceivableNotes PayablePrepaid ExpenseSales RevenueNo Entry | fill in the blank c2aee7ff5007066_4 | fill in the blank c2aee7ff5007066_5 | Accounts PayableAccounts ReceivableNotes PayablePrepaid ExpenseSales RevenueNo Entry | fill in the blank c2aee7ff5007066_7 | Accounts PayableBad Debt ExpenseCashSales RevenueUnearned RevenueNo Entry | fill in the blank c2aee7ff5007066_9 | fill in the blank c2aee7ff5007066_10 | |||||
Accounts ReceivableAllowance for Doubtful AccountsBad Debt ExpenseSales RevenueUnearned RevenueNo Entry | fill in the blank c2aee7ff5007066_12 | Accounts PayableAccounts ReceivableCashNotes PayablePrepaid ExpenseNo Entry | fill in the blank c2aee7ff5007066_14 | fill in the blank c2aee7ff5007066_15 | Accounts PayableAccounts ReceivableCashNotes PayablePrepaid ExpenseNo Entry | fill in the blank c2aee7ff5007066_17 | Accounts ReceivableAllowance for Doubtful AccountsBad Debt ExpenseSales RevenueUnearned RevenueNo Entry | fill in the blank c2aee7ff5007066_19 | fill in the blank c2aee7ff5007066_20 |
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