Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 3 of 3 -/3 The balance sheet of Metlock Company at December 31, 2019, includes the following. Notes receivable $41,600 Accounts receivable 185,100 Less:

image text in transcribed
image text in transcribed
Question 3 of 3 -/3 The balance sheet of Metlock Company at December 31, 2019, includes the following. Notes receivable $41,600 Accounts receivable 185,100 Less: Allowance for doubtful accounts 18,600 $208,100 Transactions in 2020 include the following. Accounts receivable of $143,400 were collected including accounts of $60,300 on which 4% sales discounts were allowed. $5,590 was received in payment of an account which was written off the books as worthless in 2019. Customer accounts of $18,800 were written off during the year. 4. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $27.200. This estimate is based on an analysis of aged accounts receivable. 1 2 3. Prepare all journal entries necessary to reflect the transactions above. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) No. Account Titles and Explanation Debit 1. Credit 2. (To reinstate the accounts receivable) (To record the collection on account) 3. -2/assessment-player/index.html?launchid=141ab7de-29b2-4ef3-aacd-bc2d92d168048/question/2 III Question 3 of 3 -/3 3.yu was received in payment or an account which was written on the books as worthless 3. Customer accounts of $18.800 were written off during the year. 4. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $27.200. This estimate is based on an analysis of aged accounts receivable. Prepare all journal entries necessary to reflect the transactions above. (if no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) No. Account Titles and Explanation Debit Credit 1. 2. (To reinstate the accounts receivable) (To record the collection on account) 3. 4 e Textbook and Media List of Accounts Attempts: 0 of 5 used Sub Amer O Question 3 of 3 -/3 The balance sheet of Metlock Company at December 31, 2019, includes the following. Notes receivable $41,600 Accounts receivable 185,100 Less: Allowance for doubtful accounts 18,600 $208,100 Transactions in 2020 include the following. Accounts receivable of $143,400 were collected including accounts of $60,300 on which 4% sales discounts were allowed. $5,590 was received in payment of an account which was written off the books as worthless in 2019. Customer accounts of $18,800 were written off during the year. 4. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $27.200. This estimate is based on an analysis of aged accounts receivable. 1 2 3. Prepare all journal entries necessary to reflect the transactions above. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) No. Account Titles and Explanation Debit 1. Credit 2. (To reinstate the accounts receivable) (To record the collection on account) 3. -2/assessment-player/index.html?launchid=141ab7de-29b2-4ef3-aacd-bc2d92d168048/question/2 III Question 3 of 3 -/3 3.yu was received in payment or an account which was written on the books as worthless 3. Customer accounts of $18.800 were written off during the year. 4. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $27.200. This estimate is based on an analysis of aged accounts receivable. Prepare all journal entries necessary to reflect the transactions above. (if no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) No. Account Titles and Explanation Debit Credit 1. 2. (To reinstate the accounts receivable) (To record the collection on account) 3. 4 e Textbook and Media List of Accounts Attempts: 0 of 5 used Sub Amer O

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

ICSA Study Text In Management Accounting

Authors: Richard Lyall

4th Edition

186072308X, 978-1860723087

More Books

Students also viewed these Accounting questions

Question

Who is present when I give in to my bad habit?

Answered: 1 week ago