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Perform the following accounting for the receivables of Bronson and Moceo, a Law firm, at December 31, 2021. Raad the requirement Requirements 1 and 2.
Perform the following accounting for the receivables of Bronson and Moceo, a Law firm, at December 31, 2021. Raad the requirement Requirements 1 and 2. Start with the beginning balances for these T-accounts: Accounts Receivable, $95,000, Alowance for Uncolectbile Accounts, $7,000. Post the following 2021 transactions to the Traccounts: a. Service revenue of $698,000, all on account b. Collections on account, $719,000 e. Write-olls of uncolectible accounts, $10,000 Uncolectible account expente? Requirements 1. Start with the beginning balances for these T-accounts: - Accounts Receivable, \$95,000 - Allowance for Uncollectible Accounts, $7,000 Post the following 2021 transactions to the T-accounts: a. Service revenue of $698,000, all on account b. Collections on account, $719,000 c. Write-offs of uncolloctible accounts, $10,000 d. Uncollectible-account expense (allowance method), $6,000 2. What are the ending balances of Accounts Receivable and Allowance for Uncollectible Accounts? 3. Show how Bronson and Moore will report accounts receivable on its balance sheet at December 31, 2021
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