At the beginning of the current period, Metlock, Inc. had balances in Accounts Receivable of $211,200 and in Allowance for Doubtful Accounts of $9,490 (credit). During the period, it had credit sales of $804,300 and collections of $839,040. It wrote off as uncollectible accounts receivable of $7,902. However, a $3,002 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $22,760 at the end of the period. (Omit cost of goods sold entries.) Collapse question part (a - d) (a) Prepare the entries to record sales and collections during the period. (b) Prepare the entry to record the write-off of uncollectible accounts during the period. (c) Prepare the entries to record the recovery of the uncollectible account during the period. (d) Prepare the entry to record bad debt expense for the period. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) (To record sales) (b) (c) (To reinstate account previously written off)

Explanation:

The Journal entry is shown below:-

a. Accounts Receivable Dr,           $804,300    

Sales                                                $804,300  

(To record credit sales)    

Cash Dr,                                              $839,040    

Accounts Receivable                      $839,040

(To record the collection during the period)  

b. Allowance for Doubtful Accounts Dr,$7,902    

Accounts Receivable                                 $7,902

(To record the uncollectible accounts are written off)

c. Accounts ReceivableDr,                    $3,002    

Allowance for Doubtful Accounts       $3,002

(To record written off amount)

Cash Dr,                                               $3,002    

Accounts Receivable                                            $3,002

(To record collection amount)  

d. Bad Debts Expense Dr,                     $18,170    

Allowance for Doubtful Accounts         $18,170

(To record bad debt expenses recorded)  

Working Note    

Allowance for Doubtful Accounts

Beginning balance $9,490  

Written off $7,902

Recovery $3,002

Ending balance 22,760  

Bad debts = $7,902 - $9,490 - $3,002 + $22,760

= $18,170

answer; ///the correct answer is (ftc) federal trade commission;

oof

explanation:

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