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 31st

b. Show ledger accounts on 31st

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

_3. Now imagine a particular customer of Techchom , Jack kent actually declares himself as bank rupt for $520 on Jan 23rd.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?

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. 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. Required pass the entry on Dec 31st 2. a. b. Show ledger accounts on 31st . 3. Show how current assets would appear on 31st. Now imagine a particular customer of Techchom Jack kent actually declares himself as bankrupt for $520 on Jan 23rd. 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