Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During 2021, its first year of operations, Pave Construction provides services on account of $160,000. By the end of 2021, cash collections on these accounts

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
During 2021, its first year of operations, Pave Construction provides services on account of $160,000. By the end of 2021, cash collections on these accounts total $110,000. Pave estimates that 25% of the uncollected accounts will be uncollectible. In 2022, the company writes off uncollectible accounts of $10,000. During 2021, its first year of operations, Pave Construction provides services on account of $160,000. By the end of 2021, cas collections on these accounts total $110,000. Pave estimates that 25% of the uncollected accounts will be uncollectible. In 203 company writes off uncollectible accounts of $10,000. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 2-a. Record the write-off of accounts receivable in 2022. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the write-off of accounts receivable in 2022. Note: Enter debits before credits Dato General Journal Debit Credit December 31, 2022 Record entry Clear entry View general Journal 2-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2022 (before adjustment in 2022). Beginning Balance in 2022 Ending Balance in 2022 3-a. Assume the same facts as above but assume actual write-offs in 2022 were $15,000. Record the write-off of accounts receivable in 2022. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the write-off of accounts receivable in 2022. Note: Enter debits before credits General Journal Debit Credit Date December 31, 2022 Record entry Clear entry View general Journal 3-b. Assume the same facts as above but assume actual write-offs in 2022 were $15,000. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2022 (before adjustment in 2022). Beginning Balance in 2022 Ending Balance in 2022

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

A Survey Of Financial And Managerial Accounting

Authors: Roger H. Hermanson, Roland F. Salmonson, James D. Edwards

5th Edition

025606976X, 978-0256069761

More Books

Students also viewed these Accounting questions

Question

1. Explain the 2nd world war. 2. Who is the father of history?

Answered: 1 week ago