Problem 5-3A (Algo) Record transactions related to accounts receivable (LO5-3,5-4, 5-5) The following events occur for The Benson Corporation during 2024 and 2025, its first two years of operations. June 12, 2024 Provide services to customers on account for $38,000. September 17, 2024 Receive $22,500 from customers on account. December 31, 2024 March 4, 2025 May 20, 2025 July 2, 2025 October 19, 2025 December 31, 2025 Estimate that 45% of accounts receivable at the end of the year will not be received. Provide services to customers on account for $53,000. Receive $10,000 from customers for services provided in 2024. Write off the remaining amounts owed from services provided in 2024. Receive $42,500 from customers for services provided In 2025. Estimate that 45% 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.
Problem 5-3A (Algo) Record transactions related to accounts receivable (LO5-3,5-4, 5-5) The following events occur for The Benson Corporation during 2024 and 2025, its first two years of operations. June 12, 2024 Provide services to customers on account for $38,000. September 17, 2024 Receive $22,500 from customers on account. December 31, 2024 March 4, 2025 May 20, 2025 July 2, 2025 October 19, 2025 December 31, 2025 Estimate that 45% of accounts receivable at the end of the year will not be received. Provide services to customers on account for $53,000. Receive $10,000 from customers for services provided in 2024. Write off the remaining amounts owed from services provided in 2024. Receive $42,500 from customers for services provided In 2025. Estimate that 45% 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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Transcribed Image Text:Problem 5-3A (Algo) Record transactions related to accounts receivable (LO5-3,5-4, 5-5)
The following events occur for The Benson Corporation during 2024 and 2025, its first two years of operations.
June 12, 2024
Provide
services to customers on account for $38,000.
$22,500 from customers on account.
Estimate that 45% of accounts receivable at the end of the year will not be received.
Provide services to customers on account for $53,000.
September 17, 2024 Receive
December 31, 2024
March 4, 2025
May 20, 2025
July 2, 2025
October 19, 2025
December 31, 2025
Receive $10,000 from customers for services provided in 2024.
Write off the remaining amounts owed from services provided in 2024.
Receive $42,500 from customers for services provided in 2025.
Estimate that 45% 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.
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