vents occur for Wainwright Engineering during 2024 and 2025, its first two 4 Provide services to customers on account for $26,000. Receive $17,000 from customers on account. 24 Estimate that 20 % of uncollected accounts will not be received. Provide services to customers on account for $39,000. Receive $6,000 from customers for services provided in 2024. 925 Write off the remaining amounts owed from services provided in 2024. Receive $35,000 from customers for services provided in 2025. Estimate that 20 % of uncollected accounts will not be received. 25

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Problem 5-3B (Algo) Record transactions related to accounts receivable (LO5-3, 5-4, 5-5)
The following events occur for Wainwright Engineering during 2024 and 2025, its first two years of operations.
February 2, 2024
July 23, 2024
Provide services to customers on account for $26,000.
Receive $17,000 from customers on account.
Estimate that 20% of uncollected accounts will not be received.
Provide services to customers on account for $39,000.
Receive $6,000 from customers for services provided in 2024.
Write off the remaining amounts owed from services provided in 2024.
Receive $35,000 from customers for services provided in 2025.
Estimate that 20% of uncollected accounts will not be received.
December 31, 2024
April 12, 2025
June 28, 2025
September 13, 2025
October 5, 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.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3
Calculate net accounts receivable reported in the balance sheet at the end of 2024 and 2025.
Total accounts receivable
Net accounts receivable
2024
< Required 2
2025
Required 3 >
Transcribed Image Text:Problem 5-3B (Algo) Record transactions related to accounts receivable (LO5-3, 5-4, 5-5) The following events occur for Wainwright Engineering during 2024 and 2025, its first two years of operations. February 2, 2024 July 23, 2024 Provide services to customers on account for $26,000. Receive $17,000 from customers on account. Estimate that 20% of uncollected accounts will not be received. Provide services to customers on account for $39,000. Receive $6,000 from customers for services provided in 2024. Write off the remaining amounts owed from services provided in 2024. Receive $35,000 from customers for services provided in 2025. Estimate that 20% of uncollected accounts will not be received. December 31, 2024 April 12, 2025 June 28, 2025 September 13, 2025 October 5, 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate net accounts receivable reported in the balance sheet at the end of 2024 and 2025. Total accounts receivable Net accounts receivable 2024 < Required 2 2025 Required 3 >
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