The trial balance of Lozier Inc. shows a $52,000 outstanding balance in Accounts Receivable at the end of 2011. During 2012, 80 percent of the total credit sales of $2,600,000 was collected, and no receivables had been written off as uncollectible. The company uses the allowance method to account for bad debts and estimated that 1 percent of total credit sales would be uncollectible. During 2013, the account of El Cajon Company, with a balance of $3,500, was judged to be uncollectible and written off. At the end of 2013, the amount previously written off was collected from El Cajon.
Prepare the necessary journal entries to record

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The Answer of The trial balance of Lozier Inc. shows a $52,000 outstanding balance in Accounts Receivable at the end of 2011. During 2012, 80 percent of the total credit sales of $2,600,000 was collected, and no receivables had been written off as uncollectible. The company uses the allowance method to account for bad debts and estimated that 1 percent of total credit sales would be uncollectible. During 2013, the account of El Cajon Company, with a balance of $3,500, was judged to be uncollectible and written off. At the end of 2013, the amount previously written off was collected from El Cajon.
Prepare the necessary journal entries to record

The Trial Balance of Lozier Inc