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 $30, 800.
September 17, 2821 Receive $16,500 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 $45,800.
May 20, 2822 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 $36, 500 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.
Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts.
Cash | |||||||||
Sep 17 2021 | 16500 | ||||||||
Dec 31 2021 | 16500 | ||||||||
May 20 2022 | 10000 | ||||||||
Oct 19 2022 | 36500 | ||||||||
Accounts Receivable | |||||||||
June 12 2021 | $30,800 | Sep 17 2021 | 16500 | ||||||
Dec 31 2021 | $14,300 | ||||||||
Mar 4 2022 | 45800 | May 20 2022 | 10000 | ||||||
July 2 2022 | 4300 | ||||||||
Oct 19 2022 | 36500 | ||||||||
Dec 31 2022 | $9,300 | ||||||||
Allowance for Doubtful Debts | |||||||||
Dec 31 2021 | 6435 | (14300*45%) | |||||||
July 2 2022 | 4300 | Dec 31 2022 | 2050 | ((45800-36500)*45%)-(6435-4300 balance in allowance account) | |||||
Dec 31 2022 | 4185 | ((45800-36500)*45%) | |||||||
If any doubt please comment |
Required Information Problem 5-3A Record transactions related to accounts receivable (LO5-3, 5-4, 5-5)
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 $32,000. September 17, 2021 Receive $17,500 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...
Required information Problem 5-3A Record transactions related to accounts receivable (L05-3,5-4, 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,...
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Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. Required information [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 $35,000. September 17, 2021 Receive $20,000 from customers on account. December 31, 2021 Estimate that 40% of accounts receivable at the end of the year will not...
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