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During its first year of operations, Eckert Inc. had sales of $895,000, all on account. Industry experience suggests that Eckert bad debt expense will be
During its first year of operations, Eckert Inc. had sales of $895,000, all on account. Industry experience suggests that Eckert bad debt expense will be $37,450. Eckert ended the year 201 with accounts receivable of $90,500 and an allowance for uncollectible accounts of $17,500. During 20X2, Eckert completed the transactions that follow. View the transactions. Joumalize the 202 transactions for Eckert. Explanations are not required. 1. Credit sales, $1,070,000 (Record debits first, then credits. Exclude explanations from journal entries.) 3. Write-offs of uncollectibles, $14,000 (Record debits first, then credits. Exclude explanations from journal entries.) \begin{tabular}{c|c|c|c|} \hline Date & Account Titles & Debit & Credit \\ \hline 3. & & & \\ & & & \\ & & & \\ \cline { 2 - 4 } & & & \\ \cline { 2 - 4 } & & & \\ \cline { 2 - 4 } & & & \end{tabular} 4. Bad debt expense, $37,450 (Record debits first, then credits. Exclude explanations from journal entries.) \begin{tabular}{|c|c|c|c|} \hline Date & Account Titles & Debit & Credit \\ \hline \multicolumn{4}{|l|}{4.} \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} 1. Credit sales, $1,070,000 2. Collections on account, $875,000 3. Write-offs of uncollectibles, $14,000 4. Bad debt expense, $37,450
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