The following events occur for The Turner Corporation during 2024 and 2025, its first two years of operations. June 12, 2024Provide services to customers on account for $40,400. September 17, 2024Receive $24,500 from customers on account. December 31, 2024Estimate that 45% of accounts receivable at the end of the year will not be received. March 4, 2025Provide services to customers on account for $55,400. May 20, 2025Receive $10,000 from customers for services provided in 2024. July 2, 2025Write off the remaining amounts owed from services provided in 2024. October 19, 2025 Receive $44,500 from customers for services provided in 2025. December 31, 2025Estimate 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.
The following events occur for The Turner Corporation during 2024 and 2025, its first two years of operations. June 12, 2024Provide services to customers on account for $40,400. September 17, 2024Receive $24,500 from customers on account. December 31, 2024Estimate that 45% of accounts receivable at the end of the year will not be received. March 4, 2025Provide services to customers on account for $55,400. May 20, 2025Receive $10,000 from customers for services provided in 2024. July 2, 2025Write off the remaining amounts owed from services provided in 2024. October 19, 2025 Receive $44,500 from customers for services provided in 2025. December 31, 2025Estimate 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Ee 196.
Transcribed Image Text:The following events occur for The Turner Corporation during 2024 and 2025, its first two years of operations.
June 12, 2024Provide services to customers on account for $40,400.
September 17, 2024Receive $24,500 from customers on account.
December 31, 2024Estimate that 45% of accounts receivable at the end of the year will not be received.
March 4, 2025Provide services to customers on account for $55,400.
May 20, 2025Receive $10,000 from customers for services provided in 2024.
July 2, 2025Write off the remaining amounts owed from services provided in 2024.
October 19, 2025 Receive $44,500 from customers for services provided in 2025.
December 31, 2025Estimate 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.
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