Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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 $29,600. September 17,2024 Receive $15,500 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 $44,600. May 20, 2025 Receive $10,600 fron custoners for services provided in 2024. July 2, 2025 Write off the remaining amounts owed from services provided in 2024. 0ctober 19,2025 Receive $35,500 from custoners for services provided in 2025. December 31,2025 Estinate that 456 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. Complete this question by entering your answers in the tabs below. Record transactions for each date. (If no entry is required for a particular transaction/event, select "No Jourral Entry Required" in the first account field.) Journal entry worksheet (1) 2 (3) 4 5 78 Write off the remaining amounts owed from services provided in 2024. Note tnter debits befare uredits. The following events occur for The Turner Corporation during 2024 and 2025 , its first two years of operations. June 12, 2024 Provide services to custoners on account for $29,600. September 17,2024 Receive $15,500 from customers on account. Decenber 31, 2024 Estimate that 454 of accounts receivable at the end of the year will not be received. March 4, 2025 Provide services to customers on account for $44,600. May 20, 2025 Receive $10,000 from customers for services provided in 2024. July 2, 2025 Write off the remaining anounts owed from services provided in 2024. October 19, 2025 Receive $35,500 from custoners for services provided in 2025. December 31, 2025 Estimate that 45 i 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. Complete this question by entering your answers in the tabs below. Record transactions for each date. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) The following events occur for The Turner Corporation during 2024 and 2025, its first two years of operations. June 12, 2024 Provide services to custoners on account for $29,600. Septenber 17,2024 Receive $15,560 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 $44,600. May 20, 2025 Receive $10, e0e from custoners for services provided in 2024. July 2, 2025 Write off the renaining amounts owed fron services provided in 2024. October 19, 2025 Receive $35,500 from custoners for services provided in 2025. December 31, 2025 Estimate that 45 t 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 recelvable reported in the balance sheet at the end of 2024 and 2025. Complete this question by entering your answers in the tabs below. Record transactions for each date. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first. account field.) Journal entry worksheet Estimate that 45% of accounts receivable at the end of the year will not be recelved. Note Enter deblts before creaita. June 12, 2e24 Provide services to custoners on account for 529,600 . Septenber 27,2024 Receive $15,500 fron custosers on account. becenber 31,2024 . Estinate that 454 of accounts receivable at the end of the year will not be received. Mareh 4,2025 . Provide services to custobers on accoint for $44,6e0. May 20, 2025 Aeceive $10,060 fros custoters for services provided in 2624. Juty 2, 2025 Write off the ressining asounts owed from services provided in 2a24. 0ctober 19,2025 Receive $35,500 fron costoners for services provided in 2e2.5. Deceaber 31, 2e2s. Estimate that 455 of accounts receivable at the end of the year witl not be received. Required: 1. Record transactons for each date. 2. Post transactions to the following accounts: Cash, Accounts Recelvable; and Allowance for Uncollectbie Accounts. 3. Calculate net accounts recelvable reported in the balance sheet at the end of 2024 and 2025 Complete this question by entering your answers in the tabs below. Fost transactions to the follewing accauntt: Cash. Accounts fecoivable, and Alowance for Uncollectible Accounts. 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 $29,600. September 17,2024 Receive $15,500 from custosers on account. December 31, 2024 Estimate that 45% of accounts receivable at the end of the year witl not be received. Narch 4,2625 Provide services to customers on account for $44,600. May 20, 2025 Receive $10,000 from custoners for services provided in 2824. July 2, 2025 Write off the remaining amounts owed from services provided in 2024. October 19,2025 Receive $35,500 from customers for services provided in 2025. December 31, 2025 Estimate that 45 t 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. Complete this question by entering your answers in the tabs below. Calculate net accounts recelvable reported in the balance sheet at the end of 2024 and 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

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

Financial Accounting A Concepts Based Introduction

Authors: David Kolitz

1st Edition

1138844977, 978-1138844971

More Books

Students also viewed these Accounting questions