Homework Answers
(a) Journal entry to record the allowance for doubtful debts.
| Period | Journal | Debit | Credit |
| Current | Bad debt Expenses | $17.26 | |
| to Allowance for doubtful a/c | $17.26 | ||
| ($1726 * 1% = $17.26) | |||
| February | Bad debt Expenses | $199.92 | |
| to Allowance for doubtful a/c | $199.92 | ||
| ($4998 * 4% = $199.92) | |||
| January | Bad debt Expenses | $281.5 | |
| to Allowance for doubtful a/c | $281.5 | ||
| ($2815 * 10% = $281.5) | |||
| December | Bad debt Expenses | $658.24 | |
| to Allowance for doubtful a/c | $658.24 | ||
| ($2057 * 32% = $658.24) | |||
| Older | Bad debt Expenses | $821.88 | |
| to allowance for doubtful a/c | $821.88 | ||
| ($1522 * 54% = $821.88) |
(b)
| Period | Journal | Debit | Credit |
| Allowance for doubtful a/c | $2815 | ||
| to account receivable a/c | $2815 | ||
| (Rose limited goes into liquidation so amount receivable from it credited and allowance debited) |
(c)
| Period | Journal | Debit | Credit |
| 31 July | Account receivable a/c | $2000 | |
| to allowance for doubtful a/c | $2000 | ||
| (Payment of $2000 in full and final settlement received from rosy so account receivable to that extant debited) |
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At December 31, 2019, Metlock Company had a credit balance of
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wrote off accounts totaling $12,500. One of those accounts ($3,300)
was later collected. At December 31, 2020, an aging schedule
indicated that the balance in Allowance for Doubtful Accounts
should be $24,400.
Prepare journal entries to record the 2020 transactions of Metlock
Company. (Credit account titles are automatically
indented when amount is entered. Do not indent
manually.)
Account Titles and...
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Please try to keep the same format!
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