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Perform the following accounting for the receivables of Hawkins and Harris, a law firm, at December 31, 2021. Read the requirements. Requirements 1 and 2.
Perform the following accounting for the receivables of Hawkins and Harris, 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, $104,000, Allowance for Uncollectible Accounts, \$12,000. Post the following 2021 transactions to the T-accounts: a. Service revenue of $695,000, all on account b. Collections on account, $720,000 c. Write-offs of uncollectible accounts, $8,000 d. Uncollectible-account expense (allowance method), $15,000. 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.)
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