Solution-Record the write-off of accounts receivable

Record the write-off of accounts receivable

Assignment Help Accounting Basics

Reference no: EM133133273

Question - During 2024, its first year of operations, Laminate Construction provides services on account of $136,000. By the end of 2024, cash collections on these accounts total $98,000. Laminate estimates that 30% of the uncollected accounts will be uncollectible. In 2025, the company writes off uncollectible accounts of $10,260.

Required -

1. Record the adjusting entry for uncollectible accounts on December 31, 2024.

2-a. Record the write-off of accounts receivable in 2025.

2-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025).

3-a. Assume the same facts as above but assume actual write-offs in 2025 were $15,390. Record the write-off of accounts receivable in 2025.

3-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025).

Reference no: EM133133273

Questions Cloud

What is the minimum interest rate : Question 1: Assume a Tit-for-Tat strategy is applied in a two-player repetition game with prisoners' dilemma. If the player gets extra payoff $10 for defecting

Compare and contrast the income statement and balance sheet : Compare and contrast the income statement and balance sheet. As a nurse leader, how can you use these statements to provide value for your organization

Overview for the storage requirements of pastries : Provide an overview for the storage requirements of pastries, cakes and yeast goods including the appropriate provisions to meet food safety requirements and ex

Classic problem-solving approach for police management : The SARA model is a classic problem-solving approach for police management. You will be using it for this week's discussion.

Record the write-off of accounts receivable : Assume the same facts as above but assume actual write-offs in 2025 were $15,390. Record the write-off of accounts receivable in 2025

Calculate the price and quantity of pizza : The market demand function for the pizza market in the above question 2(a) is: Q= 120-P, where P is the price and Q is the total quantity of the pizza.

Derivitavices and alternatives investments : Gund is a company producing plush stuffed animals, based in New Jersey, United States. It has recently signed a contract to deliver 100,000 Itty Bitty Boo stuff

Calculate the amount of dividends to be paid to each group : Calculate the amount of dividends to be paid to each group of shareholders, assuming the preferred shares are non-cumulative and non-participating

Critical interaction and personal reflections : A digest is a chapter by chapter summarization of the book's contents and a final paragraph of your own critical interaction and personal reflections

User Account

All Pages

Record the write-off of accounts receivable

Reference no: EM133133273

Reference no: EM133133273

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT