Ask Question
3 June, 17:14

Metlock, Inc. had net sales in 2020 of $1,430,300. At December 31, 2020, before adjusting entries, the balances in selected accounts were Accounts Receivable $239,200 debit, and Allowance for Doubtful Accounts $3,780 credit. Assume Metlock prepares an aging schedule that estimates total uncollectible accounts at $27,500. Prepare the entry to record bad debt expense

+1
Answers (1)
  1. 3 June, 18:11
    0
    The journal entry are as follows:

    Bad debt expense A/c Dr. $23,720

    To Allowance for doubtful accounts $23,720

    (To record the bad debt expense)

    Workings:

    Bad debt expense:

    = Total uncollectible accounts - Allowance for Doubtful Accounts (Credit balance)

    = $27,500 - $3,780

    = $23,720
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Metlock, Inc. had net sales in 2020 of $1,430,300. At December 31, 2020, before adjusting entries, the balances in selected accounts were ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers