During 2024, its first year of operations, Riley Construction provides services on account of $120,000. By...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
During 2024, its first year of operations, Riley Construction provides services on account of $120,000. By the end of 2024, cash collections on these accounts total $90,000. Riley estimates that 20% of the uncollected accounts will be uncollectible. In 2025, the company writes off uncollectible accounts of $5,400. 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 $8,100. 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). Journal entry worksheet 1 <> Record the adjusting entry for Uncollectible Accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2024 Record entry Clear entry View general journal Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025). Beginning balance in 2025 Ending balance in 2025 $ Journal entry worksheet Record the write-off of accounts receivable in 2025. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2025 Record entry Clear entry View general journal Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025). Beginning balance in 2025 Ending balance in 2025 During 2024, its first year of operations, Riley Construction provides services on account of $120,000. By the end of 2024, cash collections on these accounts total $90,000. Riley estimates that 20% of the uncollected accounts will be uncollectible. In 2025, the company writes off uncollectible accounts of $5,400. 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 $8,100. 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). Journal entry worksheet 1 <> Record the adjusting entry for Uncollectible Accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2024 Record entry Clear entry View general journal Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025). Beginning balance in 2025 Ending balance in 2025 $ Journal entry worksheet Record the write-off of accounts receivable in 2025. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2025 Record entry Clear entry View general journal Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025). Beginning balance in 2025 Ending balance in 2025
Expert Answer:
Answer rating: 100% (QA)
Answer Answer page Debit Credit Dati Account title Dec 3... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
Students also viewed these accounting questions
-
On May 7, Juanita Construction provides services on account to Michael Wolfe for $4,000. Michael pays for those services on May 13. Required: For Juanita Construction, record the service on account...
-
During 2011, its first year of operations, Hollis Industries recorded sales of $10,600,000 and experienced returns of $720,000. Cost of goods sold totaled $6,360,000 (60% of sales). The company...
-
During 2018, its first year of operations, Hollis Industries recorded sales of $10,600,000 and experienced returns of $720,000. Cost of goods sold totaled $6,360,000 (60% of sales). The company...
-
Given this expression, what can we say about the problem domain? tBoat (BoatSerialNo, BoatType, Manufacturer, Price, Customer, Date Of Sales Rep) SalesRep should not be in the expression at all...
-
Erin Shelton, Inc. wants to earn a target profit of $800,000 this year. The companys fixed costs are expected to be $1,000,000 and its variable costs are expected to be 60 percent of sales. Erin...
-
A leather repair shop incurred the following expenses while repairing luggage for a major airline. A. Time cards showing direct labor: $750 B. Time cards showing indirect labor: $100 C. Purchased...
-
The built-up shaft consists of a pipe AB and solid rod BC. The pipe has an inner diameter of 25 mm and outer diameter of 30 mm. The rod has a diameter of 15 mm. Determine the average normal stress at...
-
The 3M Company is a global diversified technology company active in the following product markets: consumer and office; display and graphics; electronics and communications; health care; industrial;...
-
A department store will remain in business for one more year. The probability of a boom year is 70 percent and the probability of a recession is 30 percent. It is projected that the company will...
-
corporation is resisting the personal holding company tax, but the Tax Court sides with the IRS. Within 90 days after the adverse decision, one shareholder transfers his stock and $10,000 in cash to...
-
Use the following data to solve the first seven problems. Problem Data Cost data Regular-time labor cost per hour $10.00 Overtime labor cost per hour $15.00 Subcontracting cost per unit (labor only)...
-
Give as many reasons as you can why we believe that indifference curves are convex and explain.
-
Suppose that consumers in Bangladesh pay twice as much per unit for mangoes as they pay for bananas, whereas consumers in Indonesia pay half as much for mangoes as they pay for bananas. Assuming that...
-
The Wall Street Journal, a newspaper based in the United States, publishes an index of Starbucks coffee prices in various cities around the world. Would people find this index to be as useful as the...
-
A price increase has two effects on the quantity of a good demanded: consumers switch to relatively less expensive goods (holding utility and other prices constant) and less goods are demanded...
-
In the long run, a firm can usually substitute one input for another while continuing to produce the same level of output. If such a firm produces a given level of output using the same amount of...
-
The Coffee Counter charges $8 per pound for Kenyan French Roast coffee and $7 per pound for Sumatran coffee. How much of each type should be used to make a 20 pound blend that sells for $7.45 per pou...
-
On October 31 Juanita Ortega, owner of Outback Guide Service, received a bank statement dated October 30. Juanita found the following: 1. The checkbook has a balance of $2,551.34. 2. The bank...
-
Explain how LIFO generally results in lower income taxes payable when inventory costs are increasing. What is the LIFO conformity rule?
-
Abercrombie, like Deckers Outdoor and Wolverine, operates in the apparel industry. Selected financial data for Abercrombie is provided as follows: Required: 1. Calculate the return on equity for...
-
In an effort to boost sales in the current year, Roys Gym has implemented a new program where members do not have to pay for their annual membership until the end of the year. The program seems to...
-
Temperature is an intensive property. State True (T) or False (F)
-
Kinetic energy is an extensive property. State True (T) or False (F)
-
A nozzle represents an open system. State True (T) or False (F)
Study smarter with the SolutionInn App