Metlock Inc.’s unadjusted trial balance at December 31, 2020, included the following accounts: Debit CreditAllowance for doubtful accounts $8,800 Sales revenue $2,070,000Sales returns and allowances 60,200 Sales discounts 4,600 Metlock estimates its bad debt expense to be 1.5% of net sales. Determine its bad debt expense for 2020. (Round answer to 0 decimal places, e.g. 58,971.)Bad debt expense $Enter your answer in accordance to the question statement

Name: Metlock Inc.’s unadjusted trial balance at December 31, 2020, included
Uploaded: 2022-11-23T13:49:29.000Z
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Description: Metlock Inc.’s unadjusted trial balance at December 31, 2020, included the following accounts: Debit CreditAllowance for doubtful accounts $8,800 Sales revenue $2,070,000Sales returns and allowances 60,200 Sales discounts 4,600 Metlock estimate

The allowance for doubtful accounts is created to record the estimated bad debt expenses.

Answered: Metlock Inc.’s unadjusted trial balance…

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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Metlock Inc.’s unadjusted trial balance at December 31, 2020, included the following accounts:

	Debit	Credit
Allowance for doubtful accounts	$8,800
Sales revenue		$2,070,000
Sales returns and allowances	60,200
Sales discounts	4,600

Metlock estimates its bad debt expense to be 1.5% of net sales. Determine its bad debt expense for 2020. (Round answer to 0 decimal places, e.g. 58,971.)

Bad debt expense

$Enter your answer in accordance to the question statement

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