!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 $41,000.September 17, 2021 Receive $25,000 from customers on account.December 31, 2021 Estimate that 45% of accounts receivable at the end of the year will not be received.4, 2022 Provide services to customers on account for $56,000.MarchMay 20, 2022 Receive $10,000 from customers for services provided in 2021.JulyOctober 19, 2022 Receive $45,000 from customers for services provided in 2022December 31, 2022 Estimate that 45% of accounts receivable at the end of the year will not be received.2, 2022 Write off the remaining amounts owed from services provided in 2021.2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts.ETTCashAccounts ReceivableDecember 31, 2021December 31, 2021O0December 31, 2022December 31, 2022Allowance for Uncollectible AccountsDecember 31, 2021December 31, 2022 !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 $41,000.September 17, 2021 Receive $25,000 from customers on account.December 31, 2021 Estimate that 45% of accounts receivable at the end of the year will not be received.March4, 2022 Provide services to customers on account for $56,000May 20, 2022 Receive $10,000 from customers for services provided in 2021July 2, 2022 Write off the remaining amounts owed from services provided in 2021.October 19, 2022 Receive $45,000 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.Required:1. Record transactions for each date. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" inthe first account field.)

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Asked Sep 26, 2019
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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 $41,000.
September 17, 2021 Receive $25,000 from customers on account.
December 31, 2021 Estimate that 45% of accounts receivable at the end of the year will not be received.
4, 2022 Provide services to customers on account for $56,000.
March
May 20, 2022 Receive $10,000 from customers for services provided in 2021.
July
October 19, 2022 Receive $45,000 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.
2, 2022 Write off the remaining amounts owed from services provided in 2021.
2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts.
ETT
Cash
Accounts Receivable
December 31, 2021
December 31, 2021
O
0
December 31, 2022
December 31, 2022
Allowance for Uncollectible Accounts
December 31, 2021
December 31, 2022
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! 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 $41,000. September 17, 2021 Receive $25,000 from customers on account. December 31, 2021 Estimate that 45% of accounts receivable at the end of the year will not be received. 4, 2022 Provide services to customers on account for $56,000. March May 20, 2022 Receive $10,000 from customers for services provided in 2021. July October 19, 2022 Receive $45,000 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. 2, 2022 Write off the remaining amounts owed from services provided in 2021. 2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. ETT Cash Accounts Receivable December 31, 2021 December 31, 2021 O 0 December 31, 2022 December 31, 2022 Allowance for Uncollectible Accounts December 31, 2021 December 31, 2022

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!
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 $41,000.
September 17, 2021 Receive $25,000 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 $56,000
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 $45,000 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.
Required:
1. 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.)
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! 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 $41,000. September 17, 2021 Receive $25,000 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 $56,000 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 $45,000 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. Required: 1. 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.)

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Expert Answer

Step 1

1.  Prepare the journal ...

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Debit (S) Credit (S) Account titles and explanation Date 2021 Jun-12 Accounts receivable Service revenue 41,000 41,000 To recard the services provided on accoimt) Sep-17 Cash 25,000 Accounts receivable (To recard the cash collected) 25,000 Bad debt expense Dec-31 (S41,000-$25,0000)x45 7,200 7,200 Allowance for uncollectible accounts To record the bad debt expenses) 2022 56,000 Mar-04 Accounts receivable 56,000 Service revenue To record the services provided on account) May-20 Cash 10,000 10,000 Accounts receivable To record the cash collected Allowance for uncollectible accounts Jul-02 (S41,000-S25,000-S10,000) 6,000 6,000 Accounts reccivable (To write off the accounts owed Oct-19 Cash 45,000 45,000 Accounts receivable To record the cash collected) Bad debt expense Dec-31 S56,000-$45,000)-45% - ( $7,200-$6,000)] 3.750 3,750 Allowance for uncollectible accounts To recard the bad debt epenses)

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