Question
The following events occur for Hooper Engineering during 2024 and 2025, its first two years of operations. February 2, 2024 Provide services to customers on
The following events occur for Hooper Engineering during 2024 and 2025, its first two years of operations.
February 2, 2024 Provide services to customers on account for $33,200.
July 23, 2024 Receive $23,000 from customers on account. December 31, 2024 Estimate that 20% of uncollected accounts will not be received.
April 12, 2025 Provide services to customers on account for $46,200.
June 28, 2025 Receive $6,000 from customers for services provided in 2024.
September 13, 2025 Write off the remaining amounts owed from services provided in 2024.
October 5, 2025 Receive $41,000 from customers for services provided in 2025.
December 31, 2025 Estimate that 20% of uncollected accounts will not be received.
3. Calculate net accounts receivable reported in the balance sheet at the end of 2024 and 2025.
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Financial Accounting Preparing Financial Statements AAT Level 3 Study Text And Exam Practice Kit
Authors: MarZar Ltd
1st Edition
979-8846976672
