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 22. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. 2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts.Answer is not complete.Accounts ReceivableCashSeptember 17, 202125,000June 12, 202141,000September 17, 202125,000December 31, 202125,00016,000December 31, 2021May 20, 202210,000March 4, 202256,000July 2, 2022May 20, 2022October 19, 202245,000October 19, 202210,00045,000December 31, 2022December 31, 202280,00017,000Allowance for Uncollectible AccountsDecember 31, 20217,200July 2, 20226,000December 31, 20221,200

The estimated allowances for bad debts are created at the end of the year by debiting bad debt…

Answered: 2. Post transactions to the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts.

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