The following events occur for The Underwood Corporation during 2018 and 2019, its first two years of operations.

June 12, 2018 Provide services to customers on account for $41,000

September 17, 2018 Recieve $25,000 from customers on account

December 31, 2018 Estimate that 45% of accounts receivable at the end of the year will not be received.

March 4, 2019 Provide services to customers on account for $56,000

March 20, 2019 Receive $10,000 from customers for services provided in 2018

July 2, 2019 Write off the remaining amounts owed from services provided in 2018

October 19, 2019 Receive $45,000 from customers for services provided in 2019

December 31, 2019 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 transaction 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 2018 and 2019