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Metlock, Inc. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become uncollectible. Accounts receivable are $361,400 at the end of the year, and the allowance for doubtful accounts has a credit balance of $3,039. (a)   Prepare the adjusting journal entry to record bad debt expense for the year. (b)   If the allowance for doubtful accounts had a debit balance of $979 instead of a credit balance of $3,039, prepare the adjusting journal entry for bad debt expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) Enter an account title Enter a debit amount Enter a credit amount   Enter an account title Enter a debit amount Enter a credit amount (b) Enter an account title Enter a debit amount Enter a credit amount

- November 14, 2022 - Edwin Tunner

Metlock, Inc. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become uncollectible. Accounts receivable are $361,400 at the end of the year, and the allowance for doubtful accounts has a credit balance of $3,039.

(a)   Prepare the adjusting journal entry to record bad debt expense for the year.
(b)   If the allowance for doubtful accounts had a debit balance of $979 instead of a credit balance of $3,039, prepare the adjusting journal entry for bad debt expense.

(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.
Account Titles and Explanation
Debit
Credit
(a)
Enter an account title
Enter a debit amount
Enter a credit amount
 
Enter an account title
Enter a debit amount
Enter a credit amount
(b)
Enter an account title
Enter a debit amount
Enter a credit amount
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