50.1K

Verified Solution

Link Copied!

assignment 8a redo on this question a few parts are wrong

Assignment 8-A REQUIRED Question 9 of 10 0.93/2 Show Attempt History Current Attempt in Progress Assume the following information for Metlock Corp. Accounts receivable (beginning balance) $151.000 Allowance for doubtful accounts (beginning balance) 11,400 Net credit sales 936.000 Collections 911,000 Write-offs of accounts receivable 5.200 Collections of accounts previously written off 2,000 Uncollectible accounts are expected to be 7% of the ending balance in accounts receivable. Your answer is partially correct. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Accounts Receivable 936000 Sales Revenue 936000 (To record sales on account) Cash 1087000 Accounts Receivable 1087000 (To record collection of accounts receivable) Your answer is partially correct. Prepare the entry to record the write-off of uncollectible accounts during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Allowance for Doubtful Accounts 76090 Bad Debt Expense 76090 eTextbook and Media List of Accounts Your answer is correct. Prepare the entries to record the recovery of the uncollectible account during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Accounts Receivable 2000 Allowance for Doubtful Accounts 2000 (To reverse write-off of accounts receivable) Cash 2000 Accounts Receivable 2000 (To record collection of accounts receivable) Your answer is partially correct. Determine the ending balance in Accounts Receivable and the unadjusted balance in Allowance for Doubtful Accounts. Ending balance in Accounts Receivable $ 170800 Unadjusted balance in Allowance for Doubtful Accounts $ $ 8100 eTextbook and Media List of Accounts - Your answer is partially correct. Prepare the entry to record bad debt expense for the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Bad Debt Expense 3856 Allowance for Doubtful Accounts 3856 eTextbook and Media List of Accounts * Your answer is incorrect. Determine the ending (adjusted) balance in Allowance for Doubtful Accounts. Ending (adjusted) balance in Allowance for Doubtful Accounts $ 3856 eTextbook and Media List of Accounts Save for Later Attempts: 1 of 3 used Submit

Answer & Explanation Solved by verified expert

See Answer