Required 1 Required 2Calculate net accounts receivable reported in the balance sheet at the end of 2024 and 2025.2024Total accounts receivableNet accounts receivable< Required 12025Required 2 > The following events occur for The Underwood Corporation during 2024 and 2025, its first two years of operations.June 12, 2024 Provide services to customers on account for $41,000.September 17, 2024 Receive $25,000 from customers on account.December 31, 2024 Estimate that 45% of accounts receivable at the end of the year will not be received.March 4, 2025 Provide services to customers on account for $56,000.Receive $10,000 from customers for services provided in 2024.Write off the remaining amounts owed from services provided in 2024.Receive $45,000 from customers for services provided in 2025.May 20, 2025July 2, 2025October 19, 2025December 31, 2025 Estimate that 45% of accounts receivable at the end of the year will not be received.Required:1. Determine the financial statement effects for each date2. 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 2Determine the financial statement effects for each date.Note: Amounts to be deducted should be indicated by a minus sign.June 12, 2024September 17, 2024December 31, 2024March 4, 2025May 20, 2025July 2, 2025October 19, 2025December 31, 2025AssetsBalance SheetLiabilitiesCommonStockRetained Earnings< Required 1Income StatementRevenues Expenses Net IncomeRequired 2

The allowance for uncollectible represents the amount estimated to be uncollectible from the…

Answered: The following events occur for The…

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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The following are the receivables balances of Hendrix Company as of January 1, 2021 (the beginning of the fiscal year). $ 85,000 331,750 Notes receivable Accounts receivable Allowance for doubtful accounts Transactions during 2021 include the following: 1) Sales to customers of $2,017,800 were made during 2021. Customers have 60 days to pay for the product. 2) Accounts receivable of $1,942,000 were collected. 3) $7,000 was received in payment of an account which was written off the books as uncollectible during 2021. 4) Customer accounts of $30,200 were written off during 2021. 16,700 (Credit balance) 5) At year-end (December 31, 2021), an aging of the accounts receivable balance showed the following. Use the below information to record bad debt expense for 2021. Age Under 30 days 30-90 days 91-180 days 181-360 days Over 360 days Amount $169,250 100,000 55,900 38,200 14,000 Estimated % Uncollectible 0.8% 1.6 5.0 15.0 40.0 SHA Instructions a) Prepare the necessary journal entries for…
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Joseph Co. reported the following financial information for 2020: Accounts receivable, January 1, 2020 P1,200 Accounts Receivable, December 31, 2020 250 Cash collection from customer on account 1,300 Joseph Co.’s service revenue rendered on account to clients amounted to
Journalize the following transactions for the Scott Company. Assume 360 days per year. November 4: Received a $6,500, 90-day, 6% note from Tim's Co.in payment of the account. If an amount box does not require an entry, leave it blank. Nov. 4 December 31: Accrued interest on the Tim's Co. note. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Dec. 31 February 2: Received the amount due from Tim's Co. on the note. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Feb. 2
View transaction list Journal entry worksheet 2 Transaction f-2 3 Record entry 5 Notes payable Interest expense Interest payable Cash In March, paid the entire amount of the note on its March 1 due date, using proceeds from a February issuance of $17.5 million of 10-year bonds at face value, along with other available cash. Record the payment of the notes payable. Note: Enter debits before credits. General Journal 6 Clear entry 7 8 Debit 20,000,000 Credit View general journal
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On Dec. 31, 2021, Boss Company had a credit balance of $50,000 in its records pertaining to allowance for uncollectible accounts. Analysis of its accounts receivable on the same date revealed the following: Age Amount ％ collectible 0-30 days $5,000,000 95 31-60 days 600,000 85 61-90 days 450,000 70 Over 90 days 100,000 50 Total $6,150,000 The company has written off $20, 000 of accounts receivable during 2021. How much is the allowance for uncollectible accounts to be reported on Dec. 31, 2021?
Mr. Husker's Tuxedos Corp. ended the year 2021 with an average collection period of 32 days. The firm's credit sales for 2021 were $56.1 million. What is the year-end 2021 balance in accounts receivable for Mr. Husker's Tuxedos? (Enter your answer in dollars not in millions. Use 365 days a year.)
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Grandview, Incorporated uses the allowance method. At December 31, 2021, the company's balance sheet reports Accounts Receivable, Net in the amount of $27, 200. On January 2, 2022, Grandview writes off a $ 2,400 customer account balance when it becomes clear that the customer will never pay. What is the amount of Accounts Receivable, Net after the write-off? a $27, 200 b $2,400 c $29, 600 d $24, 800

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