Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required,information [The following information applies to the questions displayed below.) The following events occur for Morris Engineering during 2021 and 2022, its first two years

Required,information [The following information applies to the questions displayed below.) The following events occur for Morris Engineering during 2021 and 2022, its first two years of operations. February 2, 2021 Provide services to customers on account for $29,600. July 23, 2021 Receive $20,000 from customers on account. December 31, 2021 Estimate that 20% of uncollected accounts will not be received. April 12, 2022 Provide services to customers on account for $42,600. June 28, 2022 Receive $6,000 from customers for services provided in 2021. September 13, 2022 Write off the remaining amounts owed from services provided in 2021. October 5, 2022 Receive $38,000 from customers for services provided in 2022. December 31, 2022 Estimate that 20% of uncollected accounts will not be received. Cash Accounts Receivable December 31, 2021 0 December 31, 2021 0 December 31, 2022 0 Allowance for Uncollectible Accounts December 31, 2021 0 December 31, 2022 December 31, 2022 [The following information applies to the questions displayed below.] The following events occur for Morris Engineering during 2021 and 2022, its first two years of operations. February 2, 2021 Provide services to customers on account for $29,600. July 23, 2021 Receive $20,000 from customers on account. December 31, 2021 Estimate that 20% of uncollected accounts will not be received. April 12, 2022 Provide services to customers on account for $42,600. June 28, 2022 Receive $6,000 from customers for services provided in 2021. September 13, 2022 Write off the remaining amounts owed from services provided in 2021. October 5, 2022 Receive $38,000 from customers for services provided in 2022. December 31, 2022 Estimate that 20% of uncollected accounts will not be received. 3. Calculate net accounts receivable at the end of 2021 and 2022. Total accounts receivable Net accounts receivable 2021 2022

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

Understanding Your Financial Calculator

Authors: Kaplan Financial

1st Edition

1419559818, 978-1419559815

More Books

Students also viewed these Accounting questions

Question

What physical locations do you work in?

Answered: 1 week ago