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Problem 5-3A (Algo) Record transactions related to accounts receivable ( LO5-3, 5-4, 5-5) The following events occur for The Turner Corporation during 2024 and 2025,
Problem 5-3A (Algo) Record transactions related to accounts receivable ( LO5-3, 5-4, 5-5) The following events occur for The Turner Corporation during 2024 and 2025, its first two years of operations. June 12, 2024 Provide services to customers on account for $35,000. September 17, 2024 Receive $20,000 from customers on account. December 31, 2024 Estimate that 40\% of accounts receivable at the end of the year will not be received. March 4, 2025 Provide services to customers on account for $50,000. May 20, 2025 Receive $10,000 from customers for services provided in 2024. July 2, 2025 Write off the remaining amounts owed from services provided in 2024. October 19, 2025 Receive $40,000 from customers for services provided in 2025. December 31, 2025 Estimate that 40\% of accounts receivable at the end of the year will not be received. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. Calculate net accounts receivable reported in the balance sheet at the end of 2024 and 2025
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