Week 5: HomeworkQuestion 4 of 6
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Assume the following information for Metlock Corp.
Accounts receivable (beginning balance)
$154,000
Allowance for doubtful accounts (beginning balance)
11,360
Net credit sales
936,000
Collections
917,000
Write-offs of accounts receivable
6,300
Collections of accounts previously written off
1,900
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Accounting Dropdown
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Uncollectible accounts are expected to be 7% of the ending balance in accounts receivable.
(a)
Prepare the entries to record sales and collections during the period. ((LLiisstt aallll ddeebbiitt eennttrriieess bbeeffoore
re ccre
reddiitt
eennttrriieess.. C
Cre
reddiitt aaccccoouunntt ttiittlleess aare
re aauuttoom
maattiiccaallllyy iinnddeenntteedd w
whheenn tthhee aam
moouunntt iiss eenntteere
redd.. D
Doo nnoott
iinnddeenntt m
maannuuaalllly.
y. IIff nnoo eennttrryy iiss re
reqquuiire
redd,, sseelleecctt “”N
Noo EEnnttrryy”” ffoorr tthhee aaccccoouunntt ttiittlleess aanndd eenntteerr 00 ffoorr
tthhee aam
moouunnttss..))
Account Titles and Explanation
Debit
Credit
(To record sales on account)
(To record collection of accounts receivable)
eTextbook and Media
List of Accounts
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(b)
Prepare the entry to record the write-off of uncollectible accounts during the period. ((LLiisstt ddeebbiitt eennttrryy bbeeffoore
re
ccre
reddiitt eennttrry.
y. C
Cre
reddiitt aaccccoouunntt ttiittlleess aare
re aauuttoom
maattiiccaallllyy iinnddeenntteedd w
whheenn tthhee aam
moouunntt iiss eenntteere
redd.. D
Doo nnoott
iinnddeenntt m
maannuuaalllly.
y. IIff nnoo eennttrryy iiss re
reqquuiire
redd,, sseelleecctt “”N
Noo EEnnttrryy”” ffoorr tthhee aaccccoouunntt ttiittlleess aanndd eenntteerr 00 ffoorr
tthhee aam
moouunnttss..))
Account Titles and Explanation
Debit
Credit
eTextbook and Media
List of Accounts
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(c)
Prepare the entries to record the recovery of the uncollectible account during the period. ((LLiisstt aallll ddeebbiitt eennttrriieess
bbeeffoore
re ccre
reddiitt eennttrriieess.. C
Cre
reddiitt aaccccoouunntt ttiittlleess aare
re aauuttoom
maattiiccaallllyy iinnddeenntteedd w
whheenn tthhee aam
moouunntt iiss
eenntteere
redd.. D
Doo nnoott iinnddeenntt m
maannuuaalllly.
y. IIff nnoo eennttrryy iiss re
reqquuiire
redd,, sseelleecctt “”N
Noo EEnnttrryy”” ffoorr tthhee aaccccoouunntt ttiittlleess
aanndd eenntteerr 00 ffoorr tthhee aam
moouunnttss..))
Account Titles and Explanation
Debit
Credit
(To reverse write-off of accounts receivable)
(To record collection of accounts receivable)
eTextbook and Media
List of Accounts
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(d)
Determine the ending balance in Accounts Receivable and the unadjusted balance in Allowance for Doubtful
Accounts.
Ending balance in Accounts Receivable
$
Unadjusted balance in Allowance for Doubtful Accounts
$
eTextbook and Media
List of Accounts
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(e)
Prepare the entry to record bad debt expense for the period. ((LLiisstt ddeebbiitt eennttrryy bbeeffoore
re ccre
reddiitt eennttrry.
y. C
Cre
reddiitt
aaccccoouunntt ttiittlleess aare
re aauuttoom
maattiiccaallllyy iinnddeenntteedd w
whheenn tthhee aam
moouunntt iiss eenntteere
redd.. D
Doo nnoott iinnddeenntt m
maannuuaalllly.
y. IIff
nnoo eennttrryy iiss re
reqquuiire
redd,, sseelleecctt “”N
Noo EEnnttrryy”” ffoorr tthhee aaccccoouunntt ttiittlleess aanndd eenntteerr 00 ffoorr tthhee aam
moouunnttss..))
Account Titles and Explanation
Debit
Credit
eTextbook and Media
List of Accounts
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(f)
Determine the ending (adjusted) balance in Allowance for Doubtful Accounts.
Ending (adjusted) balance in Allowance for Doubtful Accounts
$
eTextbook and Media
List of Accounts
Assistance Used
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Equipment
Allowance for Doubtful Accounts
Bad Debt Expense
Cash
Common Stock
Cost of Goods Sold
Dividends
Income Tax Expense
Income Taxes Payable
Interest Receivable
Interest Revenue
Inventory
No Entry
Notes Receivable
Other Operating Expenses
Other Receivables
Retained Earnings
Sales Discounts
Sales Returns and Allowances
Sales Revenue
Service Charge Expense
Service Revenue
Supplies
Supplies Expense
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