Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

5 Part 2 of 3 Required information Problem 5-3B Record transactions related to accounts receivable (LO5-3,5-4, 5-5) [The following information applies to the questions displayed

image text in transcribedimage text in transcribed

5 Part 2 of 3 Required information Problem 5-3B Record transactions related to accounts receivable (LO5-3,5-4, 5-5) [The following information applies to the questions displayed below.) The following events occur for Morris Engineering during 2021 and 2022, its first two years of operations. 8.33 points Skipped February 2, 2021 Provide services to customers on account for $38,000. July 23, 2021 Receive $27,000 from customers on account. December 31, 2021 Estimate that 25% of uncollected accounts will not be received. April 12, 2022 Provide services to customers on account for $51,000. June 28, 2022 Receive $6,000 from customers for services provided in 2021. September 13, 2022 Write off the remaining amounts owed from services provided in 2021. October 5, 2022 Receive $45,000 from customers for services provided in 2022. December 31, 2022 Estimate that 25% of uncollected accounts will not be received. eBook Ask Problem 5-3B Part 2 References 2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. Cash Accounts Receivable December 31, 2021 0 December 31, 2021 December 31, 2022 December 31, 2022 Allowance for Uncollectible Accounts December 31, 2021 December 31, 2022 3. Calculate net accounts receivable at the end of 2021 and 2022. 2021 2022 Total accounts receivable Net accounts receivable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions