June 12, 2024 September 17, 2024 December 31, 2024 March 4, 2025 May 20, 2025 July 2, 2025 October 19, 2025 December 31, 2025 Provide services to customers on account for $33,800. Receive $19,000 from customers on account. Estimate that 40% of accounts receivable at the end of the year will not be received. Provide services to customers on account for $48,800. Receive $10,000 from customers for services provided in 2024. Write off the remaining amounts owed from services provided in 2024. Receive $39,000 from customers for services provided in 2025. Estimate that 40% of accounts receivable at the end of the year will not be received. Required: 1. Record transactions for each date. 2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. 3. Calculate net accounts receivable reported in the balance sheet at the end of 2024 and 2025.
June 12, 2024 September 17, 2024 December 31, 2024 March 4, 2025 May 20, 2025 July 2, 2025 October 19, 2025 December 31, 2025 Provide services to customers on account for $33,800. Receive $19,000 from customers on account. Estimate that 40% of accounts receivable at the end of the year will not be received. Provide services to customers on account for $48,800. Receive $10,000 from customers for services provided in 2024. Write off the remaining amounts owed from services provided in 2024. Receive $39,000 from customers for services provided in 2025. Estimate that 40% of accounts receivable at the end of the year will not be received. Required: 1. Record transactions for each date. 2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. 3. Calculate net accounts receivable reported in the balance sheet at the end of 2024 and 2025.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
Transcribed Image Text:June 12, 2024
Provide services to customers on account for $33,800.
September 17, 2024 Receive $19,000 from customers on account.
December 31, 2024
March 4, 2025
May 20, 2025
July 2, 2025
October 19, 2025
December 31, 2025
Estimate that 40% of accounts receivable at the end of the year will not be received.
Provide services to customers on account for $48,800.
Receive $10,000 from customers for services provided in 2024.
Write off the remaining amounts owed from services provided in 2024.
Receive $39,000 from customers for services provided in 2025.
Estimate that 40% of accounts receivable at the end of the year will not be received.
Required:
1. Record transactions for each date.
2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts.
3. Calculate net accounts receivable reported in the balance sheet at the end of 2024 and 2025.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3
Calculate net accounts receivable reported in the balance sheet at the end of 2024 and 2025.
Total accounts receivable
Less: Allowance for uncollectible accounts
Net accounts receivable
$
$
2024
15,200 $
(6,840)
< Required 2
8,360
$
2025
10,200
(4,590)
5,610
Required 3 >.
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