Question
In: Accounting
The following events occur for The Underwood Corporation during 2018 and 2019, its first two years...
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 $35,000.
September 17, 2018 Receive $20,000 from customers on
account.
December 31, 2018 Estimate that 40% of accounts
receivable at the end of the year will not be received.
March 4, 2019 Provide services to customers on account
for $50,000.
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 $40,000 from customers for
services provided in 2019.
December 31, 2019 Estimate that 40% of accounts
receivable at the end of the year will not be received.
1. Record transactions for each date. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
2. Post transactions 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.
Solutions
Expert Solution
1.
2.
3.
| Net realizable value of accounts receivable at the end of 2018 = $15,000-$6,000 = $9,000 |
| Net realizable value of accounts receivable at the end of 2019 = $10,000 - $4,000 = $6,000 |
ekkarill92 answered 2 years agoRelated Solutions
The following events occur for The Underwood Corporation during 2018 and 2019, its first two years...
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 $38,000. September 17,
2018 Receive $22,500 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 $53,000. May 20, 2019 Receive $10,000 from customers
for services provided in 2018....
The following events occur for The Underwood Corporation during 2018 and 2019, its first two years...
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 $29,000.
September 17, 2018 Receive $15,000 from customers on
account.
December 31, 2018 Estimate that 40% of accounts
receivable at the end of the year will not be received.
March 4, 2019 Provide services to customers on account
for $44,000.
May 20, 2019 Receive $10,000 from customers for
services provided...
The following events occur for The Underwood Corporation during 2018 and 2019, its first two years...
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
$36,200.
September 17, 2018 Receive $21,000 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
$51,200.
May 20, 2019 Receive $10,000 from customers for services
provided in...
The following events occur for The Underwood Corporation during 2021 and 2022, its first two years...
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 $38,600.
September
17,
2021
Receive $23,000 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 $53,600.
May
20,
2022
Receive $10,000 from customers for services provided in
2021....
The following events occur for The Underwood Corporation during 2021 and 2022, its first two years...
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 $35,000. September 17,
2021 Receive $20,000 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 $50,000. May 20, 2022 Receive $10,000 from customers
for services provided in 2021....
The following events occur for Morris Engineering during 2018 and 2019, its first two years of...
The
following events occur for Morris Engineering during 2018 and 2019,
its first two years of operations.
February 2, 2018 Provide services to customers on account for
$33,800.
July
23, 2018 Receive $23,500 from customers on account.
December 31, 2018 Estimate that 30% of uncollected accounts will
not be received.
April
12, 2019 Provide services to customers on account for
$46,800.
June
28, 2019 Receive $6,000 from customers for services provided in
2018.
September 13, 2019 Write off the...
Expert Computers was started in 2018. The company experienced the following accounting events during its first...
Expert Computers was started in 2018. The company experienced
the following accounting events during its first year of operation:
Started business when it acquired $40,000 cash from the issue of
common stock. Purchased merchandise with a list price of $32,000 on
account, terms 2/10, n/30. Paid off one-half of the accounts
payable balance within the discount period. Sold merchandise on
account for $28,000. Credit terms were 1/20, n/30. The merchandise
had cost Expert Computers $16,000. Collected cash from the account...
Maben Company was started on January 1, 2018, and experienced the following events during its first...
Maben Company was started on January 1, 2018, and experienced
the following events during its first year of operation:
Acquired $35,000 cash from the issue of common stock.
Borrowed $47,000 cash from National Bank.
Earned cash revenues of $63,000 for performing services.
Paid cash expenses of $52,500.
Paid a $2,500 cash dividend to the stockholders.
Acquired an additional $35,000 cash from the issue of common
stock.
Paid $12,000 cash to reduce the principal balance of the bank
note.
Paid $46,000...
Business Events and Transactions for September 2019: The following transactions occurred during the first week of...
Business Events and Transactions for September
2019:
The following transactions occurred during the first
week of September.
• September 1- Pay the $3,175 August interest owed to the bank.
Also make a $40,000 payment on the bank note principal.
• September 1- The company purchased office supplies for the
first time in September. They purchased $2,400 in supplies from
Office Depot and paid for it in cash.
• September 5- the company has collected $225,000 in cash on the
August...
Leach Inc. experienced the following events for the first two years of its operations: Year 1:...
Leach Inc. experienced the following events for the first two
years of its operations:
Year 1:
Issued $17,000 of common stock for cash.
Provided $85,700 of services on account.
Provided $43,000 of services and received cash.
Collected $76,000 cash from accounts receivable.
Paid $45,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible
accounts expense for the year. Leach estimates that 4 percent of
the ending accounts receivable balance will be uncollectible.
Closed the revenue account....
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Based on your knowledge of Salesperson and Sales Force Perform what role do they play within...
- A student mixes 31.0 mL of 3.06 M Pb(NO3)2(aq) with 20.0 mL of 0.00193 M Na2SO4(aq)....
- 1. "New-service development is typically a linear process". Elaboraye on thus statement. 2. What should be...
- Discuss the CSVLOD model and its relevance to this Damien mask Business context? (20 Marks)
- For this assignment, write a parallel program in C++ using OpenMP for vector addition. Assume A,...
- 2. Construction debris is a major issue in landfills and environmental engineering. Determine the construction debris...
- 3. In which category of drugs does cocaine fall? What are side effects of cocaine use?
ADVERTISEMENT