2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. Answer is not complete. Accounts Receivable Cash September 17, 2021 25,000 June 12, 2021 41,000 September 17, 2021 25,000 December 31, 2021 25,000 16,000 December 31, 2021 May 20, 2022 10,000 March 4, 2022 56,000 July 2, 2022 May 20, 2022 October 19, 2022 45,000 October 19, 2022 10,000 45,000 December 31, 2022 December 31, 2022 80,000 17,000 Allowance for Uncollectible Accounts December 31, 2021 7,200 July 2, 2022 6,000 December 31, 2022 1,200
2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. Answer is not complete. Accounts Receivable Cash September 17, 2021 25,000 June 12, 2021 41,000 September 17, 2021 25,000 December 31, 2021 25,000 16,000 December 31, 2021 May 20, 2022 10,000 March 4, 2022 56,000 July 2, 2022 May 20, 2022 October 19, 2022 45,000 October 19, 2022 10,000 45,000 December 31, 2022 December 31, 2022 80,000 17,000 Allowance for Uncollectible Accounts December 31, 2021 7,200 July 2, 2022 6,000 December 31, 2022 1,200
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter9: Receivables
Section: Chapter Questions
Problem 1PEA
Related questions
Question
Problem 5-3A Record transactions related to accounts receivable (LO5-3, 5-4, 5-5)
[The following information applies to the questions displayed below.]
The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations.
June | 12, | 2021 | Provide services to customers on account for $41,000. | |||
September | 17, | 2021 | Receive $25,000 from customers on account. | |||
December | 31, | 2021 | Estimate that 45% of accounts receivable at the end of the year will not be received. | |||
March | 4, | 2022 | Provide services to customers on account for $56,000. | |||
May | 20, | 2022 | Receive $10,000 from customers for services provided in 2021. | |||
July | 2, | 2022 | Write off the remaining amounts owed from services provided in 2021. | |||
October | 19, | 2022 | Receive $45,000 from customers for services provided in 2022. | |||
December | 31, | 2022 | Estimate that 45% of accounts receivable at the end of the year will not be received. |
Problem 5-3A Part 2
2.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question
How are you calculating the $6000 for July 2?
Solution
by Bartleby Expert
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,