Brief Exercise 8-5 Metlock, Inc.

by | Mar 18, 2020 | Uncategorized

  

Brief Exercise 8-5

Metlock, Inc. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become uncollectible. Accounts receivable are $361,400 at the end of the year, and the allowance for doubtful accounts has a credit balance of $3,039.

(a)Prepare the adjusting journal entry to record bad debt expense for the year.(b)If the allowance for doubtful accounts had a debit balance of $979 instead of a credit balance of $3,039, prepare the adjusting journal entry for bad debt expense.

(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

  

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