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Record the write-off of accounts receivable

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Reference no: EM133146018

Question - Establish an allowance for uncollectible accounts and write off accounts receivable - During 2024, its first year of operations, Riley Construction provides services on account of $126,000. By the end of 2024, cash collections on these accounts total $93,000. Riley estimates that 20% of the uncollected accounts will be uncollectible. In 2025, the company writes off uncollectible accounts of $5,940.

Required -

1. Record the adjusting entry for uncollectible accounts on December 31, 2024.

2-a. Record the write-off of accounts receivable in 2025.

2-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025).

3-a. Assume the same facts as above but assume actual write-offs in 2025 were $8,910. Record the write-off of accounts receivable in 2025.

3-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025).

Reference no: EM133146018

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