Question
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
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. 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.)
2-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2022 (before adjustment 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.)
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).
2-a. Record the write-off of accounts recelvable In 2022 (if no entry is required for a particular transaction/event, select "No Journa Entry Requlred" 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 Date General Journal Debit Credit December 31, 2022 Clear entry Record 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 ess: Write-offs During 202 Less: Bad Debt Expense 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 recelvable In 2022. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" In the first account fleld.) View transaction list Journal entry worksheet Record the write-off of accounts receivable in 2022. Note: Enter debits before credits Debit Credit Date General Journal December 31, 2022 Clear entry Record 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 2022Step by Step Solution
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