a. Metlock, Inc. had net sales in 2020 of $1,410,600. At December 31, 2020, before...
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Accounting
a.
Metlock, Inc. had net sales in 2020 of $1,410,600. At December 31, 2020, before adjusting entries, the balances in selected accounts were Accounts Receivable $384,800 debit, and Allowance for Doubtful Accounts $1,814 debit. Assume that 11% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
b.
Metlock, Inc. had net sales in 2020 of $1,410,600. At December 31, 2020, before adjusting entries, the balances in selected accounts were Accounts Receivable $384,800 debit, and Allowance for Doubtful Accounts $3,820 credit. Assume Metlock prepares an aging schedule that estimates total uncollectible accounts at $24,000. Prepare the entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
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