The following events occur for The Underwood Corporation during 2015 and 2016, its first two years of operations.

June 12, 2015

Provide services to customers on account for $40,400.

September 17, 2015

Receive $24,500 from customers on account.

December 31, 2015

Estimate that 45% of accounts receivable at the end of the year will not be received.

March 4, 2016

Provide services to customers on account for $55,400.

May 20, 2016

Receive $10,000 from customers for services provided in 2015.

July 2, 2016

Write off the remaining amounts owed from services provided in 2015.

October 19, 2016

Receive $44,500 from customers for services provided in 2016.

December 31, 2016

Estimate that 45% of accounts receivable at the end of the year will not be received.

Required:

1.

Record transactions for each date. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2.

Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts.

3.	Calculate the net realizable value of accounts receivable at the end of 2015 and 2016.