Answered step by step
Verified Expert Solution
Link Copied!

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
image text in transcribed
image text in transcribed
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

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_2

Step: 3

blur-text-image_3

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

Financial Accounting Tools for Business Decision Making

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

5th Edition

9781118560952, 1118560957, 978-0470239803

More Books

Students also viewed these Accounting questions

Question

13! Find the value of each factorial.

Answered: 1 week ago

Question

The part of internal ear responsible for hearing is.....?

Answered: 1 week ago

Question

Ear part and its functions ?

Answered: 1 week ago

Question

The membranous labyrinth contains?

Answered: 1 week ago

Question

The organ of corti is present in.....?

Answered: 1 week ago

Question

The border between the middle and inner ear is formed by......?

Answered: 1 week ago