Answered step by step
Verified Expert Solution
Question
1 Approved Answer
pls just answer 2b & 3b During 2024, its first year of operations, Laminate Construction provides services on account of $156,000. By the end of
pls just answer 2b & 3b
During 2024, its first year of operations, Laminate Construction provides services on account of $156,000. By the end of 2024 , cash collections on these accounts total $108,000. Laminate estimates that 20% of the uncollected accounts will be uncollectible In 2025 . the company writes off uncollectible accounts of $8,640 Required: 1. 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 $12,960. Record the write-off of accounts receivable in 2025 3-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025). Complete this question by entering your answers in the tabs below. Calculate the balance of Alowance for Uncolfecbble Accounts at the end of 2025 (before adjustment in 2025 ). During 2024, its first year of operations, Laminate Construction provides services on account of $156,000. By the end of 2024 , cash collections on these accounts total $108,000. Laminate estimates that 20% of the uncollected accounts will be uncollectible. In 2025 . the company writes off uncollectible accounts of $8,640. Required: 1. Record the adjusting entry for uncollectible accounts on December 31,2024 . 2-0. 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 $12.960. Record the write-off of accounts receivable in 2025. 3-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025). Complete this question by entering your answers in the tabs below. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025 ) 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