Reference no: EM131258283
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 $41,000
September 17, 2018 Recieve $25,000 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 $56,000
March 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 $45,000 from customers for services provided in 2019
December 31, 2019 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 transaction 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.
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