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 $32,600. July 23, 2021 Receive $22,500 from customers on account. December 31, 2021 Estimate that 25% of uncollected accounts will not be received. April 12, 2022 Provide services to customers on account for $45,600. 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 $40,500 from customers for services provided in 2022. December 31, 2022 Estimate that 25% of uncollected accounts will not be received. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. Cash Accounts Receivable December 31, 2021 0 December 31, 2021 0 July 23, 2021 22,500 December 31, 2022 22,500 December 31, 2022 0 Allowance for Uncollectible Accounts December 31, 2021 0 December 31, 2022
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 $32,600. July 23, 2021 Receive $22,500 from customers on account. December 31, 2021 Estimate that 25% of uncollected accounts will not be received. April 12, 2022 Provide services to customers on account for $45,600. 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 $40,500 from customers for services provided in 2022. December 31, 2022 Estimate that 25% of uncollected accounts will not be received. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. Cash Accounts Receivable December 31, 2021 0 December 31, 2021 0 July 23, 2021 22,500 December 31, 2022 22,500 December 31, 2022 0 Allowance for Uncollectible Accounts December 31, 2021 0 December 31, 2022
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $32,600. | |||
| July | 23, | 2021 | Receive $22,500 from customers on account. | |||
| December | 31, | 2021 | Estimate that 25% of uncollected accounts will not be received. | |||
| April | 12, | 2022 | Provide services to customers on account for $45,600. | |||
| 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 $40,500 from customers for services provided in 2022. | |||
| December | 31, | 2022 | Estimate that 25% of uncollected accounts will not be received. |
|
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