roblem 5-3A Record transactions related to accounts receivable (LO5-3, 5-5) [The following information applies to the...

roblem 5-3A Record transactions related to accounts receivable (LO5-3, 5-5) [The following information applies to the questions displayed below.] 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 Receive $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. May 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. References Section BreakProblem 5-3A Record transactions related to accounts receivable (LO5-3, 5-5) 11.value: 0.27 pointsRequired information Problem 5-3A Part 1 Required: 1. Record transactions for each date

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Jun. 12, 2018	Accounts receivable	41000
	Service revenue		41000

Sep. 17, 2018	Cash	25000
	Accounts receivable		25000

Dec. 31, 2018	Bad debt expense	7200		=(41000-25000)*45%
	Allowance for uncollectible accounts		7200

Mar. 4, 2019	Accounts receivable	56000
	Service revenue		56000

May 20, 2019	Cash	10000
	Accounts receivable		10000

Jul. 2, 2019	Allowance for uncollectible accounts	6000		=41000-25000-10000
	Accounts receivable		6000

Oct. 19, 2019	Cash	45000
	Accounts receivable		45000

Dec. 31, 2019	Bad debt expense	3750		=(56000-45000)*45%-(7200-6000)
	Allowance for uncollectible accounts		3750

ekkarill92 answered 3 weeks ago

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