The following events occur for The Turner Corporation during 2024 and 2025, its first two years of operations. June 12, 2024 Provide services to customers on account for $35,000. September 17, 2024 Receive $20,000 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 $50,000. Receive $10,000 from customers for services provided in 2024. Write off the remaining amounts owed from services provided in 2024. Receive $40,000 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.

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 10RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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The following events occur for The Turner Corporation during 2024 and 2025, its first two years of operations.
June 12, 2024
Provide services to customers on account for $35,000.
September 17, 2024 Receive $20,000 from customers on account.
December 31, 2024
March 4, 2025
May 20, 2025
July 2, 2025
October 19, 2025
December 31, 2025
Estimate that 40% of accounts receivable at the end of the year will not be received.
Provide services to customers on account for $50,000.
Receive $10,000 from customers for services provided in 2024.
Write off the remaining amounts owed from services provided in 2024.
Receive $40,000 from customers for services provided in 2025.
Estimate 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.
Transcribed Image Text:The following events occur for The Turner Corporation during 2024 and 2025, its first two years of operations. June 12, 2024 Provide services to customers on account for $35,000. September 17, 2024 Receive $20,000 from customers on account. December 31, 2024 March 4, 2025 May 20, 2025 July 2, 2025 October 19, 2025 December 31, 2025 Estimate that 40% of accounts receivable at the end of the year will not be received. Provide services to customers on account for $50,000. Receive $10,000 from customers for services provided in 2024. Write off the remaining amounts owed from services provided in 2024. Receive $40,000 from customers for services provided in 2025. Estimate 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.
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