Required information Problem 5-3B Record transactions related to accounts receivable (LO5-3, 5-4, 5-5) [The following information applies to the questions displayed below.] The following events occur for Morris Engineering during 2021 and 2022, its first two years of operations. February 2, 2021 Provide services to customers on account for $33,200. July 23, 2021 Receive $23,000 from customers on account. December 31, 2021 Estimate that 20% of uncollected accounts will not be received. April 12, 2022 Provide services to customers on account for $46,200. June 28, 2022 Receive $6,000 from customers for services provided in 2021. September 13, 2022 Write off the remaining amounts owed from services provided in 2021. October 5, 2022 Receive $41,000 from customers for services provided in 2022. December 31, 2022 Estimate that 20% of uncollected accounts will not be received. Problem 5-3B Part 3 3. Calculate net accounts receivable at the end of 2021 and 2022.

Required information Problem 5-3B Record transactions related to accounts receivable (LO5-3, 5-4, 5-5) [The following information applies to the questions displayed below.] The following events occur for Morris Engineering during 2021 and 2022, its first two years of operations. February 2, 2021 Provide services to customers on account for $33,200. July 23, 2021 Receive $23,000 from customers on account. December 31, 2021 Estimate that 20% of uncollected accounts will not be received. April 12, 2022 Provide services to customers on account for $46,200. June 28, 2022 Receive $6,000 from customers for services provided in 2021. September 13, 2022 Write off the remaining amounts owed from services provided in 2021. October 5, 2022 Receive $41,000 from customers for services provided in 2022. December 31, 2022 Estimate that 20% of uncollected accounts will not be received. Problem 5-3B Part 3 3. Calculate net accounts receivable at the end of 2021 and 2022.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter18: Acquiring Capital For Growth And Development

Section: Chapter Questions

Problem 2AP

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