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Perform the following accounting for the receivables of Harper and Murphy, a law firm, at December 31, 2021. Read the requirements Requirements 1 and
Perform the following accounting for the receivables of Harper and Murphy, a law firm, at December 31, 2021. Read the requirements Requirements 1 and 2. Start with the beginning balances for these T-accounts: Accounts Receivable, $94,000, Allowance for Uncollectible Accounts, $11,000. Post the following 2021 transacti to the T-accounts: Service revenue of $703,000, all on account b. Collections on account, $722,000 b Write-offs of uncollectible accounts, $14,000 d. Uncollectible-account expense (allowance method), $8,000. What are the ending balances of Accounts Receivable and Allowance for Uncollectible Accounts? = Prepare the T-accounts for accounts receivable and allowance for uncollectible accounts. (Abbreviation used: Beg bal - Beginning balance; End bal Ending balance; Uncoll acct exp Uncollectible account expense.) Beg bal Service revenue End bal Accounts Receivable 94000 Collections 703000 Write-offs 67000 Allowance for Uncollectible Accounts 722000 Write-offs 14000 13000 Beg bal Uncoll acct exp 9000 15000 End bal 11000 Requirements 1. Start with the beginning balances for these T-accounts Accounts Receivable, $94,000 Allowance for Uncollectible Accounts, $11,000 Post the following 2021 transactions to the T-accounts a. Service revenue of $703,000, all on account b. Collections on account, $722,000 c. Write-offs of uncollectible accounts, $14,000 d. Uncollectible-account expense (allowance method), $8,000 2. What are the ending balances of Accounts Receivable and Allowance p Uncollectible Accounts?
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