The following events occur for The Turner Corporation during 2024 and 2025, its first two years of operations. June 12, 2024 Provide services to customers on account for $35,000. September 17, 2024 Receive $20,000 from customers on account. December 31, 2024 Estimate that 40% of accounts receivable at the end of the year will not be received. March 4, 2025 Provide services to customers on account for $50,000. Receive $10,000 from customers for services provided in 2024. Write off the remaining amounts owed from services provided in 2024. Receive $40,000 from customers for services provided in 2025. Estimate that 40% of accounts receivable at the end of the year will not be received. May 20, 2025 July 2, 2025 October 19, 2025 December 31, 2025 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.

The following events occur for The Turner Corporation during 2024 and 2025, its first two years of operations. June 12, 2024 Provide services to customers on account for $35,000. September 17, 2024 Receive $20,000 from customers on account. December 31, 2024 Estimate that 40% of accounts receivable at the end of the year will not be received. March 4, 2025 Provide services to customers on account for $50,000. Receive $10,000 from customers for services provided in 2024. Write off the remaining amounts owed from services provided in 2024. Receive $40,000 from customers for services provided in 2025. Estimate that 40% of accounts receivable at the end of the year will not be received. May 20, 2025 July 2, 2025 October 19, 2025 December 31, 2025 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.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 10RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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