[10.50 AM, 2/6/2023] Mas Fakkal: Required information
[The following information applies to the questions displayed below.]
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 $35,600.
September 17, 2021 Receive $20,500 from customers on account.
December 31, 2021 Estimate that 45% of accounts receivable at the end of the year will not be received.
March 4, 2022 Provide services to customers on account for $50,600. 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 $40,500 from customers for services provided in 2022.
December 31, 2022 Estimate that 45% of accounts receivable at the end of the year will not be received
[10.51 AM, 2/6/2023] Mas Fakkal: a. 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.)
b. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts.
c. Calculate net accounts receivable at the end of 2021 and 2022.