User Account

All Pages

Prepare the journal entries to record each transactions

Assignment Help Accounting Basics
Reference no: EM132723038

Problem - At December 31, 2021, Metlock, Inc. reported this information on its balance sheet.

Accounts receivable $573,000

Less: Allowance for doubtful accounts 37,000

During 2022, the company had the following transactions related to receivables.

1. Sales on account $2,396,000.

2. Sales returns and allowances 47,000.

3. Collections of accounts receivable 2,313,000.

4. Write-offs of accounts receivable deemed uncollectible 38,000.

5. Recovery of bad debts previously written off as uncollectible 16,000.

Required - Prepare the journal entries to record each of these ?ve transactions. Assume that no cash discounts were taken on the collections of accounts receivable.

Reference no: EM132723038

Questions Cloud

Estimate the probability that sales will remain steady : A firm uses trend projection and seasonal factors to simulate sales for a given time period. Estimate the probability that sales will remain steady.
What challenges did you observe in coding : What challenges did you observe in coding these qualitative data and How clearly did the categories and themes emerge from the data
Create the sample space of possible outcomes : Create the sample space of possible outcomes. A card is drawn from a well-shuffled. Find P(drawing a face card or a 4). A face card is a king, queen, or jack.
Discussing getting tested for sexually transmitted infection : Imagine a scenario in which two partners are discussing getting tested for sexually transmitted infections (STIs).
Prepare the journal entries to record each transactions : Prepare the journal entries to record each of these ?ve transactions. Assume that no cash discounts were taken on the collections of accounts receivable
Find the indicated probability : Normally distributed with a mean of 268 days and a standard deviation of 15 days. What is the probability that a pregnancy lasts at least 300 days?
Describe your university as system : Describe your university as a system. What is the input? The output? The boundary? The components? Their interrelationships? The constraints?
How much revenue and gross profit or loss recognize : How much revenue and gross profit or loss will the company recognize in the first and second year if it recognizes revenue upon contract completion
What is the probability that the random variable has a value : What is the probability that the random variable has a value greater than 2? If z is a standard normal variable, find the probability.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd