The following events occur for The Spanaccio Corporation during 2024 and 2025, Its first two years of operations. June 12, 2024 Provide services to customers on account for $35,600. September 17, 2024 Receive $20,500 from customers on account. December 31, 2024 March 4, 2025 May 20, 2025 July 2, 2025 October 19, 2025 December 31, 2025 Estimate that 45% of accounts receivable at the end of the year will not be received. Provide services to customers on account for $50,600. Receive $10,000 from customers for services provided in 2024. Write off the remaining amounts owed from services provided in 2024. Receive $40,500 from customers for services provided in 2025. Estimate that 45% of accounts receivable at the end of the year 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Record transactions for each date. (If no entry is required for a particular transaction/event, select "No Journal Entry Require first account field.) No View transaction list View journal entry worksheet Date June 12, 2024 Accounts Receivable General Journal Debit 35,600 Credit
The following events occur for The Spanaccio Corporation during 2024 and 2025, Its first two years of operations. June 12, 2024 Provide services to customers on account for $35,600. September 17, 2024 Receive $20,500 from customers on account. December 31, 2024 March 4, 2025 May 20, 2025 July 2, 2025 October 19, 2025 December 31, 2025 Estimate that 45% of accounts receivable at the end of the year will not be received. Provide services to customers on account for $50,600. Receive $10,000 from customers for services provided in 2024. Write off the remaining amounts owed from services provided in 2024. Receive $40,500 from customers for services provided in 2025. Estimate that 45% of accounts receivable at the end of the year 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Record transactions for each date. (If no entry is required for a particular transaction/event, select "No Journal Entry Require first account field.) No View transaction list View journal entry worksheet Date June 12, 2024 Accounts Receivable General Journal Debit 35,600 Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:The following events occur for The Spanaccio Corporation during 2024 and 2025, its first two years of operations.
June 12, 2024
Provide services to customers on account for $35,600.
September 17, 2024 Receive $20,500 from customers on account.
December 31, 2024
March 4, 2025
May 20, 2025
July 2, 2025
October 19, 2025
December 31, 2025
Estimate that 45% of accounts receivable at the end of the year will not be received.
Provide services to customers on account for $50,600.
Receive $10,000 from customers for services provided in 2024.
Write off the remaining amounts owed from services provided in 2024.
Receive $40,500 from customers for services provided in 2025.
Estimate that 45% of accounts receivable at the end of the year 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.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Required 3
Record transactions for each date. (If no entry is required for a particular transaction/event, select "No Journal Entry Required"
first account field.)
No
1
View transaction list View journal entry worksheet
Date
June 12, 2024
Accounts Receivable.
Servire Revenue
General Journal
Debit
35,600
Credit
kinned
35 600!
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Step 1: Introduction of journal entry and allowance for uncollectible accounts
VIEWStep 2: Preparation of Journal entry (Solution 1)
VIEWStep 3: Ledger Posting in Cash, Accounts Receivable and Allowance for uncollectable accounts
VIEWStep 4: Net Accounts Receivable to be reported in the Balance Sheet
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