Record transactions for each date

Reference no: EM131520823

Question: 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 $35,000.

September 17, 2012 Receive $20,000 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 $10,000 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 $40,000 from customers for services provided in 2013.

December 31, 2013 Estimate that 40% of accounts receivable at the end of the year will not be received.

Required: 1. Record transactions for each date.

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

3. Calculate the net realizable value of accounts receivable at the end of 2012 and 2013.

Reference no: EM131520823

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