Solution-Calculate net accounts receivable at the end

Calculate net accounts receivable at the end

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Reference no: EM132997045

Question - The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations.

June 12, 2021 Provide services to customers on account for $35,000.

September 17, 2021 Receive $20,000 from customers on account.

December 31, 2021 Estimate that 40% of accounts receivable at the end of the year will not be received.

March 4, 2022 Provide services to customers on account for $50,000.

May 20, 2022 Receive $10,000 from customers for services provided in 2021.

July 2, 2022 Write off the remaining amounts owed from services provided in 2021.

October 19, 2022 Receive $40,000 from customers for services provided in 2022.

December 31, 2022 Estimate that 40% of accounts receivable at the end of the year will not be received.

1. Record transactions for each date.

December 31, 2022 - Estimate that 40% of accounts receivable at the end of the year will not be received.

2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts.

3. Calculate net accounts receivable at the end of 2021 and 2022.

Reference no: EM132997045

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Calculate net accounts receivable at the end

Reference no: EM132997045

Reference no: EM132997045

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