Allowance for uncollectable accounts

Assignment Help Cost Accounting
Reference no: EM13337641

The following events occur for The Underwood Corporation during 2012 and 2013, its first two years of operations.


June 12, 2012 Provide services to customers on account for $36,300.
September 17, 2012 Receive $10,500 from customers on account.
December 31, 2012 Estimate that 40% of accounts receivable at the end of the year will not be received.
March 4, 2013 Provide services to customers on account for $50,000.
May 20, 2013 Receive $19,100 from customers for services provided in 2012.
July 2, 2013 Write off the remaining amounts owed from services provided in 2012.
October 19, 2013 Receive $16,200 from customers for services provided on account in 2013.
December 31, 2013 Estimate that 45% of accounts receivable at the end of the year will not be received.

How do you post transaction to the following accounts: cash, accounts receivable, and allowance for uncollectable accounts?

Reference no: EM13337641

Questions Cloud

Does economic growth ensure all members of a society will : Why is U.S. economic growth important to the average American and what is the best way to measure standard of living of the average person: (use unemployment rate, inflation, & GDP in your answer)?
Calculate the companys current income : Calculate the companys current income and determine the level of dollar sales needed to double that figure, assuming that manufacturing operations remain in the United States and determine the break-even point in speaker sets if operations are shif..
Use as a project manager to improve the accuracy : Identify five common project risk strategies employed to address threats that your project may face. Give an example of each.
The ethics of classification : The Ethics of Classification
Allowance for uncollectable accounts : How do you post transaction to the following accounts: cash, accounts receivable, and allowance for uncollectable accounts?
Show that maximizing prot implies cost minimization : Show that maximizing prot implies cost minimization.
Evaluate the congressmans statement : In 1981, when regulations were holding the price of natural gas below its free-market level, then-Congressman Jack Kemp of New York said the following in an interview with the New York Times: ?
Explain reaction as a molecular reaction : Complete and balance the following reaction as a molecular reaction. also label each t with aq for aqueous, s for solid, and g gor g. Kbr+Cl2
By how much does the ball clear the fence : A ball is kicked from the ground toward a fence that is located 25 m away. By how much does the ball clear the fence

Reviews

Write a Review

Cost Accounting Questions & Answers

  What is the fixed contract price for cccs project

SDH uses the cost recovery method under IFRS to recognize revenue and what would be the journal entry made in 2008 to record revenue?

  Special revenue fund - voluntary non-exchange transactions

Special Revenue Fund - Voluntary Non-exchange Transactions. In FY 2012, the city expended $90,000 for park improvements from grant resources.

  Evaluate the allocation of the acquisition price

Evaluate the allocation of the acquisition price to undervalued assets and Goodwill Evaluate the amounts of 4 years' excess depreciation/amortization for the undervalued assets, from 2009-2012

  Compute the degree of operating leverage

Compute the degree of operating leverage that the company would expect to have on December 31 and compute Pittman Company's break-even point in sales dollars.

  Advise the ceo of southern star ltd

Advise the CEO of Southern Star Ltd whether to accept or reject the order. Discuss the following issues that Southern Star Ltd will have to consider in deciding whether to accept or reject the order.

  Calculate the return on assets for 2011

Explain whether translation has distorted the Spanish subsidiary's performance in 2012 compared with 2011.  If so, explain how changes in the exchange rate contributed to the distortion.

  Tax preparation and information consulting

The managing partners are located in Chicago. YOUCPA also provides tax preparation and information consulting to customers and is an approved PCOAB audit firm.

  Evaluate her net pay for the eight days work paid

Evaluate her net pay for the eight days' work paid on February 26.

  Prepare sunday starrs cash budget

Prepare Sunday Starr's cash budget for January and February in columnar format.

  Analyze the employee pension plan

Identify and analyze the employee pension plan disclosures in the financial statements. Evaluate the impact of the GAASB proposed changes to the pension liabilities on the financial statements of the institution.

  Inventory and warehousing cycle.

Inventory and warehousing cycle and cash cycle

  Tax consequences of the liquidation distribution

Discuss the similarities and differences between the tax consequences of the operating distribution and the tax consequences of the liquidation distribution.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd