! 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 $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. 4, 2022 Provide services to customers on account for $56,000. March May 20, 2022 Receive $10,000 from customers for services provided in 2021. July 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. 2, 2022 Write off the remaining amounts owed from services provided in 2021. 2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. ETT Cash Accounts Receivable December 31, 2021 December 31, 2021 O 0 December 31, 2022 December 31, 2022 Allowance for Uncollectible Accounts December 31, 2021 December 31, 2022 ! 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 $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. Required: 1. Record transactions for each date. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
! 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 $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. 4, 2022 Provide services to customers on account for $56,000. March May 20, 2022 Receive $10,000 from customers for services provided in 2021. July 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. 2, 2022 Write off the remaining amounts owed from services provided in 2021. 2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. ETT Cash Accounts Receivable December 31, 2021 December 31, 2021 O 0 December 31, 2022 December 31, 2022 Allowance for Uncollectible Accounts December 31, 2021 December 31, 2022 ! 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 $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. Required: 1. Record transactions for each date. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
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