At the beginning of the current period, Metlock Corp. had balances in Accounts Receivable of $186,800 and in Allowance for Doubtful Accounts of $9,680 (credit). During the period, it had net credit sales of $872,700 and collections of $697,700. It wrote off as uncollectible accounts receivable of $6,866. However, a $2,837 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,470 at the end of the period. (Omit cost of goods sold entries.) (a-d) (a) Prepare the entries to record sales and collections during the period. (b) Prepare the entry to record the write-off of uncollectible accounts during the period. (c) Prepare the entries to record the recovery of the uncollectible account during the period. (d) Prepare the entry to record bad debt expense for the period. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

At the beginning of the current period, Metlock Corp. had balances in Accounts Receivable of $186,800 and in Allowance for Doubtful Accounts of $9,680 (credit). During the period, it had net credit sales of $872,700 and collections of $697,700. It wrote off as uncollectible accounts receivable of $6,866. However, a $2,837 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,470 at the end of the period. (Omit cost of goods sold entries.) (a-d) (a) Prepare the entries to record sales and collections during the period. (b) Prepare the entry to record the write-off of uncollectible accounts during the period. (c) Prepare the entries to record the recovery of the uncollectible account during the period. (d) Prepare the entry to record bad debt expense for the period. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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