The following events occur for Hooper Engineering during 2024 and 2025, its first two years of operations. February 2, 2024 Provide services to customers on account for $29,000. July 23, 2024 Receive $19,500 from customers on account. December 31, 2024 Estimate that 30% of uncollected accounts will not be received. April 12, 2025 Provide services to customers on account for $42,000. June 28, 2025 Receive $6,000 from customers for services provided in 2024. September 13, 2025 Write off the remaining amounts owed from services provided in 2024. October 5, 2025 Receive $37,500 from customers for services provided in 2025. December 31, 2025 Estimate that 30% of uncollected accounts 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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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is