Required information (The following information applies to the questions displayed below.] The following events occur for Morris Engineering during 2021 and 2022, its first two years of operations. February 2, 2021 Provide services to customers on account for $29, 000. July 23, 2021 Receive $19,500 from customers on account. December 31, 2021 Estimate that 30% of uncollected accounts will not be received. April 12, 2022 Provide services to customers on account for $42,000. June 28, 2022 Receive $6,000 from customers for services provided in 2021. September 13, 2022 Write off the remaining amounts owed from services provided in 2021. October 5, 2022 Receive $37,500 from customers for services provided in 2022. December 31, 2022 Estimate that 30% of uncollected accounts will not be received. 3. Calculate net accounts receivable at the end of 2021 and 2022.

Required information (The following information applies to the questions displayed below.] The following events occur for Morris Engineering during 2021 and 2022, its first two years of operations. February 2, 2021 Provide services to customers on account for $29, 000. July 23, 2021 Receive $19,500 from customers on account. December 31, 2021 Estimate that 30% of uncollected accounts will not be received. April 12, 2022 Provide services to customers on account for $42,000. June 28, 2022 Receive $6,000 from customers for services provided in 2021. September 13, 2022 Write off the remaining amounts owed from services provided in 2021. October 5, 2022 Receive $37,500 from customers for services provided in 2022. December 31, 2022 Estimate that 30% of uncollected accounts will not be received. 3. Calculate net accounts receivable at the end of 2021 and 2022.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

See similar textbooks

Similar questions

Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
The December 31, 2021, ledger of accounts receivable has a balance of 24,000,000. On this date, the company estimates 1,200,000 to be uncollectible , whereas 2,000,000 have to be written off.Required:1. Carry out any necessary journal entries.2. Present the accounts receivable extract as it has to appear in the statement of financial position of December 31,2021.
Dhapa
During 2018, its first year of operations, Pave Construction provides services on account of $156,000. By the end of 2018, cash collections on these accounts total $108,000. Pave estimates that 20% of the uncollected accounts will be bad debts. Required: 1. Record the adjustment for uncollectible accounts on December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Sadaf Oman Company's ledger showed an ending accounts receivable balance of RO 25,000 on April 30, 2020. During the next month, May, the company provided services for RO 24,000 in total. Customers made down payment of RO 3,000; and the remaining balance was on account. The Company received payments on this account of RO 15.000. The balance in the T-account for the accounts receivable at the end of May, 2020 is: O a. RO 31,000 debit. O b. RO 19,000 debit. O. RO 26,000 debit. O d. RO 28,000 debit. O e. None of the options are correct
At December 31, 2021, Larkspur Company had a credit balance of $16,200 in Allowance for Doubtful Accounts. During 2022, Larkspur wrote off accounts totaling $13,800. One of those accounts ($3,100) was later collected. At December 31, 2022, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $27,300.Prepare journal entries to record the 2022 transactions of Larkspur Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title to record amount written off enter a debit amount enter a credit amount enter an account title to record amount written off enter a debit amount enter a credit amount (To record amount written off) enter an account title to reverse write-off enter a debit amount enter a credit amount enter an account title to reverse write-off enter a debit amount enter a credit…
Grandview, Incorporated uses the allowance method. At December 31, 2021, the company's balance sheet reports Accounts Receivable, Net in the amount of $27, 200. On January 2, 2022, Grandview writes off a $ 2,400 customer account balance when it becomes clear that the customer will never pay. What is the amount of Accounts Receivable, Net after the write-off? a $27, 200 b $2,400 c $29, 600 d $24, 800
At December 31, 2019, Blue Spruce Corp. Company had a credit balance of $17,000 in Allowance for Doubtful Accounts. During 2020, Blue Spruce Corp. wrote off accounts totaling $13,400. One of those accounts ($2,700) was later collected. At December 31, 2020, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $28,800.Prepare journal entries to record the 2020 transactions of Blue Spruce Corp. Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title to record amount written off enter a debit amount enter a credit amount enter an account title to record amount written off enter a debit amount enter a credit amount (To record amount written off) enter an account title to reverse write-off enter a debit amount enter a credit amount enter an account title to reverse write-off enter a debit…
At December 31, 2021, Blossom Company had a credit balance of $19,100 in Allowance for Doubtful Accounts. During 2022, Blossom wrote off accounts totaling $14,500. One of those accounts of $3,400 was later collected. At December 31, 2022, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $24,700.Prepare journal entries to record the 2022 transactions of Blossom Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title to record amount written off enter a debit amount enter a credit amount enter an account title to record amount written off enter a debit amount enter a credit amount (To record amount written off) enter an account title to reverse write-off enter a debit amount enter a credit amount…
At December 31, 2021, Ayayai Company had a credit balance of $19,700 in Allowance for Doubtful Accounts. During 2022, Ayayai wrote off accounts totaling $11,800. One of those accounts of $2,100 was later collected. At December 31, 2022, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $25,200.Prepare journal entries to record the 2022 transactions of Ayayai Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.
one.1) Remaining VAT accounts of our company as of the end of January 2021 are as follows. 191 Deductible VAT = 10.000 TL Debt Remaining 391 Calculated VAT = 8.000 TL Credit Remainder Record the journal (daily book) regarding VAT offset. 2) Our company paid 50.000 TL on 10.01.2021 to the architectural and engineering firm for the construction project drawing of the building to be built. Record the relevant journal (daily book). 3) Our company has made drilling for oil exploration by paying 350.000 TL + 10% VAT through a bank to another company on 20.01.2021. Record the relevant journal (daily book). 4) Our company purchased goods with 6 months maturity on 22.01.2021 with a price of 40.000 TL + 10% VAT. Record the relevant journal (daily book). 5) Our company delivered the goods ordered by the customer on 25.01.2021. The total invoice amount is 20.000 TL + 10% VAT, the order advance of 9000 TL previously received from the invoice amount was deducted and for the remaining amount, a…