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Metlock, Inc. is a growing company whose ability to raise capital has not been growing...

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Accounting

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Metlock, Inc. is a growing company whose ability to raise capital has not been growing as quickly as its expanding assets and sales Metlock, Inc's local banker has indicated that the company cannot increase its borrowing for the foreseeable future Metlock, Inc's suppliers are demanding payment for goods acquired within 30 days of the involce date, but Metlock, Inc's customers are slow in paying for their purchases (60-90 days). As a result, Metlock, Inc has a cash flow problem Metlock, Inc needs $158,500 to cover next Friday's payroll. Its balance of outstanding accounts receivable totals $809 500. To alleviate this cash crunch, the company sells $173,900 of its receivables. Record the entry that Metlock, Inc. would make. (Assume a 2% service charge.) (Credit account titles are automatically Indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit e Textbook and Media

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