Problem 5-3A (Algo) Record transactions related to accounts receivable (LO5-3,5-4,5-5) The following events occur for The Benson Corporation during 2024 and 2025, its first two years of operations June 12, 2024 Provide services to customers on account for $36,200. September 17, 2024 Receive $21,eee from customers on account. December 31, 2024 March 4, 2025 May 20, 2025 July 2, 2025 October 19, 2025 December 31, 2025 Estimate that 45% of accounts receivable at the end of the year will not be received. Provide services to customers on account for $51,200. Receive $10,0ee from customers for services provided in 2024. Write off the remaining amounts owed from services provided in 2024. Receive $41,eee from customers for services provided in 2025. Estimate that 45% of accounts receivable at the end of the year will not be received. Required: 1. Record transactions for each date. 2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts 3. Calculate net accounts receivable reported in the balance sheet at the end of 2024 and 2025. Complete this question by entering your answers in the tabs below. Required Required Required 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.) View transaction list
Problem 5-3A (Algo) Record transactions related to accounts receivable (LO5-3,5-4,5-5) The following events occur for The Benson Corporation during 2024 and 2025, its first two years of operations June 12, 2024 Provide services to customers on account for $36,200. September 17, 2024 Receive $21,eee from customers on account. December 31, 2024 March 4, 2025 May 20, 2025 July 2, 2025 October 19, 2025 December 31, 2025 Estimate that 45% of accounts receivable at the end of the year will not be received. Provide services to customers on account for $51,200. Receive $10,0ee from customers for services provided in 2024. Write off the remaining amounts owed from services provided in 2024. Receive $41,eee from customers for services provided in 2025. Estimate that 45% of accounts receivable at the end of the year will not be received. Required: 1. Record transactions for each date. 2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts 3. Calculate net accounts receivable reported in the balance sheet at the end of 2024 and 2025. Complete this question by entering your answers in the tabs below. Required Required Required 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.) View transaction list
Accounting (Text Only)
26th Edition
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter5: Accounting Systems
Section: Chapter Questions
Problem 5.7EX: Posting a revenue journal The revenue journal for Sapling Consulting Inc. follows. The accounts...
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Transcribed Image Text:Problem 5-3A (Algo) Record transactions related to accounts receivable (LO5-3,5-4,5-5)
The following events occur for The Benson Corporation during 2024 and 2025, its first two years of operations.
June 12, 2024 Provide services to customers on account for $36,200.
September 17, 2024 Receive $21,eee from customers on account.
December 31, 2024 Estimate that 45% of accounts receivable at the end of the year will
not be received.
March 4, 2025
May 20, 2025
July 2, 2025
October 19, 2025
December 31, 2025
Provide services to customers on account for $51,200.
Receive $10,00e from customers for services provided in 2024.
Write off the remaining amounts owed from services provided in 2024.
Receive $41,eee from customers for services provided in 2025.
Estimate that 45% of accounts receivable at the end of the year will
not be received.
Required:
1. Record transactions for each date.
2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts
3. Calculate net accounts receivable reported in the balance sheet at the end of 2024 and 2025
Complete this question by entering your answers in the tabs below.
Required Required Required
2
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.)
View transaction list
Journal entry worksheet
< 1 2 3 4 5 6
Provide services to customers on account for $36,200.
Note: Enter debits before credits.
Date
June 12, 2024
Record entry
General Journal
Clear entry
7 8
Debit Credit
View general journal
Transcribed Image Text:Required Required Required
1
2
Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts.
Cash
Accounts Receivable
Debit
December 31, 2024
December 31, 2025
Allowance for Uncollectible Accounts
Debit
Credit
December 31,
2024
Show Transcribed Text
Credit
December 31,
2025
Total accounts receivable
Required 1 Required 2 Required 3
Net accounts receivable
Debit
December 31,
2024
< Required 1
December 31,
2025
Required 3>
Complete this question by entering your answers in the tabs below.
Ċ
Calculate net accounts receivable reported in the balance sheet at the end of 2024 and 2025.
< Required 2
Credit
2024
2025
R Required 3
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