Problem -
June 12, 2018 Provide services to customers on account for $30,200.
September 17, 2018 Receive $16,000 from customers on account.
December 31, 2018 Estimate that 40% of accounts receivable at the end of the year will not be received.
March 4, 2019 Provide services to customers on account for $45,200.
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 $36,000 from customers for services provided in 2019.
December 31, 2019 Estimate that 40% of accounts receivable at the end of the year will not be received.
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.)
2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts.
3. Calculate the net realizable value of accounts receivable at the end of 2018 and 2019.