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At the beginning of the current period, Metlock, Inc. had balances in Accounts Receivable of $211,200 and in Allowance for Doubtful Accounts of $9,490. During
At the beginning of the current period, Metlock, Inc. had balances in Accounts Receivable of $211,200 and in Allowance for Doubtful Accounts of $9,490. During the period, t had net credit sales of $804,300 and collections of $839,040. It wrote off as uncollectible accounts receivable of $7,902. Uncollectible accounts are estimated to total $22,760 at the end of the period. (Omit recording cost of goods sold.) (a- c) Enter the beginning balances for Accounts Receivable and Allowance for Doubtful Accounts in a tabular summary. Use the summary to record transactions (a), (b), and (c) below. (a) Record sales and collections during the period. (b) Record the write-off of uncollectible accounts during the period (c) Record bad debt expense for the period (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets - Liabilities+ Stockholders' Equity Allow. For Retained Earnings Cash +Accts. Rec.Doubtful Accts +Common Stock + Rev Exp Beg. Bal
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