Question
The following events occur for The Spanaccio Corporation during 2024 and 2025, its first two years of operations. June 12, 2024 Provide services to customers
The following events occur for The Spanaccio Corporation during 2024 and 2025, its first two years of operations.
| June 12, 2024 | Provide services to customers on account for $34,400. |
|---|---|
| September 17, 2024 | Receive $19,500 from customers on account. |
| December 31, 2024 | Estimate that 45% of accounts receivable at the end of the year will not be received. |
| March 4, 2025 | Provide services to customers on account for $49,400. |
| 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 $39,500 from customers for services provided in 2025. |
| December 31, 2025 | Estimate that 45% of accounts receivable at the end of the year will not be received. |
Required: 1. Record transactions for each date. 2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. 3. Calculate net accounts receivable reported in the balance sheet at the end of 2024 and 2025.
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Internal Auditing Assurance And Advisory Services
Authors: Kurt R. Reding, Paul J. Sobel, Urton L. Anderson, Michael J. Head, Sridhar Ramamoorti, Mark Salamasick, Cris Riddle
3rd Edition
0894137409, 978-0894137402
