Answered step by step
Verified Expert Solution
Link Copied!

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financing China S Belt And Road Initiative

Authors: XIAO Gang

1st Edition

1032027479, 978-1032027470

More Books

Students also viewed these Accounting questions

Question

Write an elaborate note on marketing environment.

Answered: 1 week ago