The following events occur for The Spanaccio Corporation during 2024 and 2025, its first two years of a Provide services to customers on account for $32,600. June 12, 2024 September 17, 2024 Receive $10,000 from customers on account. December 31, 2024 Estimate that 40% of accounts receivable at the end of the year will not be received. March 4, 2025 Provide services to customers on account for $47,600. Receive $10,000 from customers for services provided in 2024. Write off the remaining amounts owed from services provided in 2024. Receive $38,000 from customers for services provided in 2025. Estimate that 40% of accounts receivable at the end of the year will not be received. May 20, 2025 July 2, 2025 October 19, 2025 December 31, 2025 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.

The following events occur for The Spanaccio Corporation during 2024 and 2025, its first two years of a Provide services to customers on account for $32,600. June 12, 2024 September 17, 2024 Receive $10,000 from customers on account. December 31, 2024 Estimate that 40% of accounts receivable at the end of the year will not be received. March 4, 2025 Provide services to customers on account for $47,600. Receive $10,000 from customers for services provided in 2024. Write off the remaining amounts owed from services provided in 2024. Receive $38,000 from customers for services provided in 2025. Estimate that 40% of accounts receivable at the end of the year will not be received. May 20, 2025 July 2, 2025 October 19, 2025 December 31, 2025 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.

Question

Please do not give handwritten answers thank you

Problem 5-3A (Algo) Record transactions related to accounts receivable (LO5-3, 5-4, 5-5)
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 $32,600..
Receive $10,000 from customers on account.
Estimate that 40% of accounts receivable at the end of the year will not be received.
Provide services to customers on account for $47,600.
September 17, 2024
December 31, 2024
March 4, 2025
May 20, 2025
July 2, 2025
October 19, 2025
December 31, 2025
Receive $10,000 from customers for services provided in 2024.
Write off the remaining amounts owed from services provided in 2024.
Receive $38,000 from customers for services provided in 2025.
tstimate that 40% 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" in the
first account field.)

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