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Allowance Method for Accounting for Bad Debts At the beginning of 2017, EZ Tech Company's Accounts Recelvable balance was $215,000, and the balance in Allowance for Doubtful Accounts was $3,650. EZ Tech's sales in 2017 were 51,610,000,90% of which were on credit Collections on account during the year were 51,030,000. The company wrote off $5,000 of uncollectible accounts during the year: Required: 1. Identify and analyze the sales during 2017. Activity Accounts Cash Increase, Accounts Receivable Increase, Sales Revenue Increase * Statement(s) reestan - check then How does this entry affect the accounting equation? If a financial statement item is not affected; select "No Entry" and leave the amoubt box blank. If the effect on a financial statement item is negative, l.e, a decrease, be sure to enter the answer with a minus sign. 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, l.e, a decrease, be sure to enter the answer with a minus sign. Fesoceck F Check wy wor Partially correct Identify and analyze the transactions related to the collections of cash during 2017. Activity Accounts Cash tncrease, Accounts Receivable Decrease Statement(s) 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 cffect on a financial statement item is negative, l.e, a decrease, be sure to enter the answer with a minus sign. Fectback 7 check Wor Incorrect Identify and analyze the transactions related to the write-offs of accounts recelvable during 2017. Activity Accounts Allowance for Doubtful Accounts increase, Accounts Receivable Increase x Statement(s) x 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, L.e, a decrease, be sure to enter the answer with a minus sign. Remember: If a contra account is increased, it will have the effect of decreasing the corresponding financial statement item. If a contra account is decreased, it will have the effect of increasing the corresponding financial statement item. are 75 of the year-end accounts receivable. a. Identify and analyze the adjustments to recognize bad debts assuming that bad debts expense is 4% of credit sales. Activity Accounts Allowance for Doubtful Accounts increase, Bad Dabts fixpense Statement(s) Balance Sheet and Income Statement 2. Identify and analyze the adjustments to recognize bad debts assuming that (a) bad debts expense is sl of credit sales and (b) amounts expected to be uncollectiblie are 7% of the year-end accounts receivable. a. Identify and analyze the adjustments to recognize bad debts assuming that bad debts expense is 4% of credit sales. Activity Accounts Allowance for Doubtful Accounts Increase, Bad Debts Expense Increase Statement(s) Fesdedek phackisus 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, Le, a decrease, be sure to enter the answer with a minus sign. Remember. if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item. If a contra account is decreased, it will have the effect of increasing the corresponding financial statement item. Activity Accounts Allowance for Doubtful Accounts Increase, Bad Debts Expense Increase Statement(s) Fectbock Checkminos How does this entry affect the accounting equation? If a financial statement item is not affected, seiect "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. Remember: if a contra account is increased, it witl have the effect of decreasing the corresponding financial statement item. If a contra account is decreased, it will have the effect of increasing the corresponding financial statement item. 3. What is the net realizable value of accounts receivable on December 31,2017 , under each assumption in part (2)? Using the percentage of sales approach, the net realizable value of the receivables is? Using the percentage of year-end receivables approach, the net realizable value of the receivables is? 4. The recognition of bad debts expense the net realizable value by the amount recorded in bad debts expense and the . The write-off of accounts the net realizable value