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Prepare the journal entries to record each transactions

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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

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