Perform the following accounting for the receivables of Garvey and Pullman, a law firm, at December 31,

Question:

Perform the following accounting for the receivables of Garvey and Pullman, a law firm, at December 31, 2012.

Requirements
1. Start with the beginning balances for these T-accounts:
Accounts Receivable, $101,000
Allowance for Uncollectible Accounts, $9,000
Post the following 2012 transactions to the T-accounts:
a. Service revenue of $696,000, all on account
b. Collections on account, $718,000
c. Write-off s of uncollectible accounts, $13,000
d. Uncollectible-account expense (allowance method), $11,000
2. What are the ending balances of and Allowance for Uncollectible Accounts?
3. Show how Garvey and Pullman will report on its at December 31, 2012.

Accounts Receivable
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Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...