The following events occur for Morris Engineering during 2021 and 2022, its first two years of operations. February 2, 2021 Provide services to customers on account for $32,600. July 23, 2021 Receive $22,500 from customers on account. December 31, 2021 Estimate that 25% of uncollected accounts will not be received. April 12, 2022 Provide services to customers on account for $45,600. June 28, 2022 Receive $6,000 from customers for services provided in 2021. September 13, 2022 Write off the remaining amounts owed from services provided in 2021. October 5, 2022 Receive $40,500 from customers for services provided in 2022. December 31, 2022 Estimate that 25% of uncollected accounts will not be received. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. Cash Accounts Receivable December 31, 2021 0 December 31, 2021 0 July 23, 2021 22,500 December 31, 2022 22,500 December 31, 2022 0 Allowance for Uncollectible Accounts December 31, 2021 0 December 31, 2022
The following events occur for Morris Engineering during 2021 and 2022, its first two years of operations. February 2, 2021 Provide services to customers on account for $32,600. July 23, 2021 Receive $22,500 from customers on account. December 31, 2021 Estimate that 25% of uncollected accounts will not be received. April 12, 2022 Provide services to customers on account for $45,600. June 28, 2022 Receive $6,000 from customers for services provided in 2021. September 13, 2022 Write off the remaining amounts owed from services provided in 2021. October 5, 2022 Receive $40,500 from customers for services provided in 2022. December 31, 2022 Estimate that 25% of uncollected accounts will not be received. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. Cash Accounts Receivable December 31, 2021 0 December 31, 2021 0 July 23, 2021 22,500 December 31, 2022 22,500 December 31, 2022 0 Allowance for Uncollectible Accounts December 31, 2021 0 December 31, 2022
Chapter16: Accounting Periods And Methods
Section: Chapter Questions
Problem 33P
Related questions
Question
100%
The following events occur for Morris Engineering during 2021 and 2022, its first two years of operations.
February | 2, | 2021 | Provide services to customers on account for $32,600. | |||
July | 23, | 2021 | Receive $22,500 from customers on account. | |||
December | 31, | 2021 | Estimate that 25% of uncollected accounts will not be received. | |||
April | 12, | 2022 | Provide services to customers on account for $45,600. | |||
June | 28, | 2022 | Receive $6,000 from customers for services provided in 2021. | |||
September | 13, | 2022 | Write off the remaining amounts owed from services provided in 2021. | |||
October | 5, | 2022 | Receive $40,500 from customers for services provided in 2022. | |||
December | 31, | 2022 | Estimate that 25% of uncollected accounts will not be received. |
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning