Requirements 1 and 2. Start with the beginning balances for these T- accounts: Accounts Receivable, 104,000, Allowance for Uncollectible Accounts, $ 11,000. Post the following 2018 transactions to the T-accounts: a. Service revenue of 700,000, all on account b. Collections on account, 724,000 c. Write-offs of uncollectible accounts, $ 5,000d. Uncollectible - account expense (allowance method), 13,000. What are the ending balances of Accounts Receivable and Allowance for Uncollectible Accounts? Prepare the T-accounts for accounts receivable and allowance for uncollectible accounts. (Abbreviation used: Beg bal. Beginning balance; End bal Ending balance; Uncollectible account expense.) Accounts Receivable Allowance for Uncollectible Accounts.
Requirements 1 and 2. Start with the beginning balances for these T- accounts: Accounts Receivable, 104,000, Allowance for Uncollectible Accounts, $ 11,000. Post the following 2018 transactions to the T-accounts: a. Service revenue of 700,000, all on account b. Collections on account, 724,000 c. Write-offs of uncollectible accounts, $ 5,000d. Uncollectible - account expense (allowance method), 13,000. What are the ending balances of Accounts Receivable and Allowance for Uncollectible Accounts? Prepare the T-accounts for accounts receivable and allowance for uncollectible accounts. (Abbreviation used: Beg bal. Beginning balance; End bal Ending balance; Uncollectible account expense.) Accounts Receivable Allowance for Uncollectible Accounts.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Requirements 1 and 2.
Start with the beginning balances for these T- accounts:
Accounts Receivable, 104,000, Allowance for Uncollectible Accounts, $ 11,000.
Post the following 2018 transactions to the T-accounts:
a. Service revenue of 700,000, all on account b. Collections on account, 724,000 c. Write - offs
of uncollectible accounts, $ 5,000d. Uncollectible - account expense (allowance method),
13,000.
What are the ending balances of Accounts Receivable and Allowance for Uncollectible Accounts?
Prepare the T-accounts for accounts receivable and allowance for uncollectible accounts.
(Abbreviation used: Beg bal. Beginning balance; End bal Ending balance; Uncollectible account
expense.) Accounts Receivable Allowance for Uncollectible Accounts.
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