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The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations. June 12, 2021 Provide services to customers
The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations.
June | 12, | 2021 | Provide services to customers on account for $31,400. | |||
September | 17, | 2021 | Receive $17,000 from customers on account. | |||
December | 31, | 2021 | Estimate that 40% of accounts receivable at the end of the year will not be received. | |||
March | 4, | 2022 | Provide services to customers on account for $46,400. | |||
May | 20, | 2022 | Receive $10,000 from customers for services provided in 2021. | |||
July | 2, | 2022 | Write off the remaining amounts owed from services provided in 2021. | |||
October | 19, | 2022 | Receive $37,000 from customers for services provided in 2022. | |||
December | 31, | 2022 | Estimate that 40% of accounts receivable at the end of the year will not be received.
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14 ! Required information [The following information applies to the questions displayed below.) Part 2 of 3 The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations. 0.5 points June 12, 2021 Provide services to customers on account for $31, 400. September 17, 2021 Receive $17,000 from customers on account. December 31, 2021 Estimate that 40% of accounts receivable at the end of the year will not be received. March 4, 2022 Provide services to customers on account for $46, 400. May 20, 2022 Receive $10,000 from customers for services provided in 2021. July 2, 2022 Write off the remaining amounts owed from services provided in 2021. October 19, 2022 Receive $37,000 from customers for services provided in 2022. December 31, 2022 Estimate that 40% of accounts receivable at the end of the year will not be received. 2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. Answer is not complete. Cash Accounts Receivable 31,400 17,000 17,000 December 31, 2021 December 31, 2021 14.400 17,000 10.000 46,400 10,000 4,400 37,000 37,000 64,000 December 31, 2022 December 31, 2022 9.400 Allowance for Uncollectible Accounts December 31, 2021 July 2, 2022 2,400 4,400 2,000 December 31, 2022
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