On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,529, Metlock, Inc. estimates that 7% of its accounts receivable balance of $77,800 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Metlock, Inc. determined that B. Jared's account was uncollectible and wrote off $1,168. On June 12, 2022, Jared paid the amount previously written off. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Answers (2)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,529, Metlock, Inc. estimates that 7% of its ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
A car rental agency rents 180 cars per day at a rate of 30 dollars per day. For each 1 dollar increase in the daily rate, 5 fewer cars are rented. At what rate should the cars be rented to produce the maximum income, and what is the maximum income?
Answers (2)
Collins offers to sell to Phillip a hand-carved chest of drawers worth more than $2,500. Phillip agrees to buy the chest and signs a contract for the purchase. The price of the chest, however, is left out of the contract. Collins and Phillip have:
Answers (2)
Baker Corporation's accumulated depreciation - equipment account balance was $58,000 as of 12/31/16 and $60,000 as of 12/31/17. Equipment with a cost of $30,000 and accumulated depreciation of $10,000 was sold during the year.
Answers (1)
What is Capital Preservation? A. To make sure you don't lose your initial investment B. To make sure you keep the gains you make investing O C. When companies buy back stock D. It is when you use Stop orders
Answers (1)
Which of the following is not included in the consumption component of GDP? Group of answer choices household purchases of appliances household purchases of food sold in the US but produced abroad household purchases of medical care household
Answers (1)
New Questions in Business
We Do Bankruptcies is a law firm that specializes in providing advice to firms in financial distress. It prospers in recessions when other firms are struggling. Consequently, its beta is negative, - 0.2. a.
Answers (1)
Maria's initial project budget was increased from $16,000 to $18,000. What was the variance from the initial budget? A. - 12.50% B. 88% C. 11% D. 12.50%
Answers (1)
Manner, Inc. has 5,000 shares of 5%, $100 par value, noncumulative preferred stock and20,000 shares of $1 par value common stock outstanding at December 31, 2010. Therewere no dividends declared in 2009.
Answers (1)
Which of the following is not a major determinant of the price elasticity of demand? A. availability of close substitutes B. proportion of income spent on the good C. amount of time that has elapsed since the price change D.
Answers (1)
Caralee's coworker mohammed, who is muslim, celebrates ramadan for one month each year; during this time, he fasts from sunrise to sunset. donuts and muffins are usually served at meetings in their company.
Answers (1)