Question

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 be received. March 4, 2022 Provide services to customers on account for $50,000. 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 $40,000 from customers for services provided in 2022. December 31, 2022 Estimate that 40% 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 Accounts Receivable 0 ecember 31, 2021 lay 20, 2022 ctober 19, 2022 December 31, 2021 March 4, 2022 10,000 10,00 40,000 ecember 31, 2022 50,000 December 31, 2022 10,00

Answer 1

1)	Date	General Journal				Debit	Credit
	6/12/2021	Accounts receivable				35,000
		sales					35,000
	7/17/2021	cash				20,000
		Accounts receivable					20,000
	12/31/2021	Bad debts expense				6000
		Allowance for uncollectible accounts					6000
	3/4/2022	Accounts receivable				50,000
		sales					50,000
	5/20/2022	cash				10000
		Accounts receivable					10000
	7/2/2022	Allowance for uncollectible accounts				5000
		Accounts receivable					5000
	10/19/2022	cash				40,000
		Accounts receivable					40,000
	12/31/2022	Bad debts expense				3,000
		Allowance for uncollectible accounts					3,000
2)		Cash					Accounts receivable
	9/17/2021	20,000				6/12/2021	35,000	20,000	9/17/2021
	12/31/2021	20,000				12/31/2018	15,000
	1/1/2022	20,000				1/1/2022	15,000	10000	5/20/2022
	5/20/2022	10,000				3/4/2022	50,000	5000	7/2/2022
	10/19/2022	40,000						40,000	10/19/2022
	12/31/2022	70,000				12/31/2022	10,000
	Allowance for uncollectible accounts
			6000	12/31/2021
	7/2/2022	5,000	6000	1/1/2022
			3,000	12/31/2022
			4,000	12/31/2022
3)					2021	2022
	Total account recievable				15,000	10,000
	less:Allowance for uncollectible accounts				6000	4,000
	Net realizable value				9,000	6,000