Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer parts 1 - 3 b During 2 0 2 4 , its first year of operations, Riley Construction provides services on account of

Please answer parts 1-3b
During 2024, its first year of operations, Riley Construction provides services on account of $142,000. By the end of 2024, cash
collections on these accounts total $101,000. Riley estimates that 25% of the uncollected accounts will be uncollectible. In 2025, the
company writes off uncollectible accounts of $9,225.
Record the adjusting entry for uncollectible accounts on December 31,2024.
2-a. Record the write-off of accounts receivable in 2025.
2-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025(before adjustment in 2025).
3-a. Assume the same facts as above but assume actual write-offs in 2025 were $14,760. Record the write-off of accounts receivable
3-b. Calculate the balance of Allowance for Uncollectible Accounts at the
Record the write-off of accounts receivable in 2025.
Enter debits before credits.
Note: Enter debits before credits.
Record the write-off of accounts receivable in 2025.
Record the adjusting entry for Uncollectible Accounts.
Journal entry worksheet
Journal entry worksheet
1
Record the adjusting entry for Uncollectible Accounts.
Note: Enter debits before credits.
image text in transcribed

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

QS 9000 Handbook A Guide To Registration And Audit

Authors: Jayanta Bandyopadhyay

1st Edition

157444011X, 978-1574440119

More Books

Students also viewed these Accounting questions