Question: Required: 1. Record transactions for each date. (If no entry is required for a transaction/event, select No journal entry required in the first account field.)
Required:
1. Record transactions for each date. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
June 12, 2018: Provide services to customers on account for $38,000.
| Date | General Journal Account Title | Debit | Credit |
| Jan 12, 2018 |
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Sept 17, 2018: Receive $22,500 from customers on account.
| Date | General Journal Account Title | Debit | Credit |
| Sept 17, 2018 |
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Dec 31, 2018: Estimate that 45% of accounts receivable at the end of the year will not be received.
| Date | General Journal Account Title | Debit | Credit |
| Dec 31, 2018 |
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March 04, 2019 Provide services to customers on account for $53,000.
| Date | General Journal Account Title | Debit | Credit |
| March 04, 2019 |
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May 20, 2019 Receive $10,000 from customers for services provided in 2018.
| Date | General Journal Account Title | Debit | Credit |
| May 20, 2019 |
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July 02, 2019: Write off the remaining amounts owed from services provided in 2018.
| Date | General Journal Account Title | Debit | Credit |
| July 02, 2019 |
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October 19, 2019 Receive $42,500 from customers for services provided in 2019.
| Date | General Journal Account Title | Debit | Credit |
| Oct 19, 2019 |
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Dec 31, 2019 Estimate that 45% of accounts receivable at the end of the year will not be received.
| Date | General Journal Account Title | Debit | Credit |
| Dec 31, 2019 |
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Calculate the net realizable value of accounts receivable at the end of 2018 and 2019.
| Date | 2018 | 2019 |
| Total Accounts Receivable |
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| Less Allowance for uncollectible accounts |
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| Net Realizable Value |
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Problem 5-3A Record transactions related to accounts receivable (LO5-3, 5-5) The following information applies to the questions displayed below] 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 $38,000 September 17, 2018 Receive $22,500 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 $53,000 May 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 $42,500 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
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