At the beginning of the current period, Metlock, Inc. had balances in Accounts Receivable of $196,000...
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At the beginning of the current period, Metlock, Inc. had balances in Accounts Receivable of $196,000 and in Allowance for Doubtful Accounts of $8,820. During the period, it had net credit sales of $784,000 and collections of $747,740. It wrote off as uncollectible accounts receivable of $7,154. Uncollectible accounts are estimated to total $24,500 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. Beg. Bal. (a) (b) (c) tA Cash Assets Accts. Rec. GA Allow. For Doubtful Accts = Liabilities Common Stock GA Rev. Stockholders' Equity LA Retained Earnings Exp. Accounts receivable Sales returns & allowances Bad debt expense Cost of goods sold Sales revenue > At the beginning of the current period, Metlock, Inc. had balances in Accounts Receivable of $196,000 and in Allowance for Doubtful Accounts of $8,820. During the period, it had net credit sales of $784,000 and collections of $747,740. It wrote off as uncollectible accounts receivable of $7,154. Uncollectible accounts are estimated to total $24,500 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. Beg. Bal. (a) (b) (c) tA Cash Assets Accts. Rec. GA Allow. For Doubtful Accts = Liabilities Common Stock GA Rev. Stockholders' Equity LA Retained Earnings Exp. Accounts receivable Sales returns & allowances Bad debt expense Cost of goods sold Sales revenue >
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