Question: pls pls pls help me with the second and third requirements for this problem!! Problem 5-3A (Algo) Record transactions related to accounts receivable (LO5-3,5-4, 5-5)

for this problem!! Problem 5-3A (Algo) Record transactions related to accounts receivable

(LO5-3,5-4, 5-5) The following events occur for The Benson Corporation during 2024

and 2025, its first two years of operations. Provide services to customers

pls pls pls help me with the second and third requirements for this problem!!

Problem 5-3A (Algo) Record transactions related to accounts receivable (LO5-3,5-4, 5-5) The following events occur for The Benson Corporation during 2024 and 2025, its first two years of operations. Provide services to customers on account for $33,800. Receive $19,000 from customers on account. Estimate that 40% of accounts receivable at the end of the year will not be received. Provide services to customers on account for $48,800. June 12, 2024 September 17, 2024 December 31, 2024 March 4, 2025 May 20, 2025 July 2, 2025 October 19, 2025 December 31, 2025 Receive $10,000 from customers for services provided in 2024. Write off the remaining amounts owed from services provided in 2024. Receive $39,000 from customers for services provided in 2025. Estimate that 40% of accounts receivable at the end of the year will not be received. 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. V N No 1 2 3 Date June 12, 2024 September 17, 2024 December 31, 2024 March 04, 2025 Accounts Receivable Service Revenue Accounts Receivable Allowance for Uncollectible Accounts Accounts Receivable Accounts Receivable Bad Debt Expense Allowance for Uncollectible Accounts 4 5 May 20, 2025 6 July 02, 2025 7 8 Accounts Receivable Service Revenue Accounts Receivable Bad Debt Expense Allowance for Uncollectible Accounts Cash Cash General Journal October 19, 2025 Cash December 31, 2025 Debit 33,800 19,000 5,920 48,800 10,000 4,800 39,000 2,800 Credit 33,800 19,000 5,920 48,800 10,000 4,800 39,000 2,800 Required 1 Required 2 Required 3 Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. Cash Debit Credit Debit December 31, 2024 December 31, 2024 December 31, 2025 December 31, 2025 Allowance for Uncollectible Accounts Debit Credit December 31, 2024 December 31, 2025 Credit Required 1 Required 2 Required 3 Calculate net accounts receivable reported in the balance sheet at the end of 2024 and 2025. 2024 2025 Total accounts receivable Net accounts receivable

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Problem 5-3A (Algo) Record transactions related to accounts receivable (LO5-3, 5-4, 5-5) The following events occur for The Spanaccio Corporation during 2024 and 2025, its first two years of...

please do the Journal Entry Worksheet, Required 2, and Required 3 Problem 5-3A (Algo) Record transactions related to accounts receivable (LO5-3, 5-4, 5-5) The following events occur for The Benson...

5-3A (Algo) Record transactions related to accounts receivable (LO5-3, 5-4, 5-5) The following events occur for The Benson Corporation during 2024 and 2025, its first two years of operations. June...

Problem 5-3A (Algo) Record transactions related to accounts receivable (LO5-3, 5-4, 5-5) The following events occur for The Turner Corporation during 2024 and 2025, its first two years of operations....

Problem 5-3A (Algo) Record transactions related to accounts receivable ( LO5-3, 5-4, 5-5) The following events occur for The Turner Corporation during 2024 and 2025 , its first two years of...

Problem 5-3A (Algo) Record transactions related to accounts receivable ( LO5-3, 5-4, 5-5) The following events occur for The Spanaccio Corporation during 2024 and 2025 , its first two years of...

Problem 5-3A (Algo) Record transactions related to accounts receivable (LO5-3, 5-4, 5-5) The following events occur for The Tumer Corporation during 2024 and 2025, its first two years of operations....

Problem 5-3A (Algo) Record transactions related to accounts receivable ( LO5-3, 5-4, 5-5) The following events occur for The Turner Corporation during 2024 and 2025, its first two years of...

Design a process diagram using the following given data.(with sketch) (1) Water reservoir at 25C and (1) receiver tank (3) 90 elbow 5 meter 2-in sch. 40 steel pipes 10 meter 1.5-in sch. 40 steel...

Various cost and sales data for Meriwell Company for the just completed year appear in the worksheet below: Finished goods inventory, beginning $20,000 Finished goods inventory, ending $40,000...

Northwest Steel, Inc, changed from the averags costing inventory costing method to the FIFO method during 2 0 2 5 . How would this change likely be reported in the 2 0 2 6 comparative financial...

Assume Colgate-Palmolive Company has just paid an annual dividend of $0.92. Analysts are predicting an 10.8% per year growth rate in earnings over the next five years. After that, Colgate's earnings...