Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Perform the following accounting for the receivables of Hawkins and Harriss, a law firm, at December 31, 2021. Read the requirements. Requirements 1 and 2.
Perform the following accounting for the receivables of Hawkins and Harriss, 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, $97,000, Allowance for Uncollectible Accounts, $10,000. Post the following 2021 transactions to the T-accounts: a. Service revenue of $705,000, all on account b. Collections on account, $719,000 C. Write-offs of uncollectible accounts, $13,000 d. Uncollectible-account expense (allowance method), $7,000. 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.) Accounts Receivable Allowance for Uncollectible Accounts Requirement 3. Show how Hawkins and Harriss will report accounts receivable on its balance sheet at December 31, 2021. Less: Perform the following accounting for the receivables of Hawkins and Harriss, a law firm, at December 31, 2021. Read the requirements. TOMOWITY 202 CIONS O the 1-accounts. a. Service revenue of $705,000, all on account b. Collections on account, $719,000 C. d. PR Write-offs of uncollectible accounts, $13,000 Uncollectible-account expense (allowance method), $7,000. 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.) Accounts Receivable Allowance for Uncollectible Accounts Requirement 3. Show how Hawkins and Harriss will report accounts receivable on its balance sheet at December 31, 2021. Less: y er oll Writ no e t 22 tc ac 1. Start with the beginning balances for these T-accounts: Accounts Receivable, $97,000 Allowance for Uncollectible Accounts, $10,000 Post the following 2021 transactions to the T-accounts: a. Service revenue of $705,000, all on account b. Collections on account, $719,000 c. Write-offs of uncollectible accounts, $13,000 d. Uncollectible-account expense (allowance method), $7,000 2. What are the ending balances of Accounts Receivable and Allowance for Uncollectible Accounts? 3. Show how Hawkins and Harriss will report accounts receivable on its balance sheet at December 31, 2021. ren Print Done eiva ba our 31
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started