The following events occur for Morris Engineering during 2012 and 2013, its first two years of operations.

Question:

The following events occur for Morris Engineering during 2012 and 2013, its first two years of operations.
February 2, 2012 Provide services to customers on account for $32,000.
July 23, 2012 Receive $22,000 from customers on account.
December 31, 2012 Estimate that 30% of uncollected accounts will not be received.
April 12, 2013 Provide services to customers on account for $45,000.
June 28, 2013 Receive $6,000 from customers for services provided in 2012.
September 13, 2013 Write off the remaining amounts owed from services provided in 2012.
October 5, 2013 Receive $40,000 from customers for services provided in 2013.
December 31, 2013 Estimate that 30% of uncollected accounts will not be received.
Required:
1. Record transactions for each date.
2. Post transactions to the following accounts: Cash, and Allowance for Uncollectible Accounts.
3. Calculate the net realizable value of at the end of 2012 and 2013.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...