The following events occur for Wainwright Engineering during 2024 and 2025, its first two years of...
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The following events occur for Wainwright Engineering during 2024 and 2025, its first two years of operations. February 2, 2024 Provide services to customers on account for $26,000. July 23, 2024 December 31, 2024 April 12, 2025 June 28, 2025 September 13, 2025 October 5, 2025 December 31, 2025 Required: 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. 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 2024 2025 Net accounts receivable < Required 2 Required 3 > The following events occur for Wainwright Engineering during 2024 and 2025, its first two years of operations. February 2, 2024 Provide services to customers on account for $26,000. July 23, 2024 December 31, 2024 April 12, 2025 June 28, 2025 September 13, 2025 October 5, 2025 December 31, 2025 Required: 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. 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 2024 2025 Net accounts receivable < Required 2 Required 3 >
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Answer Wainwright Engineering Transactions 1 Recording Transactions Date Description Debit Credit Feb 2 2024 Accounts Receivable 26000 Service Revenue ... View the full answer
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