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 $38,000.
July 23, 2021 Receive $27,000 from customers on account.
December 31, 2021 Estimate that 25% of uncollected accounts will not be received.
April 12, 2022 Provide services to customers on account for $51,000.
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 $45,000 from customers for services provided in 2022.
December 31, 2022 Estimate that 25% of uncollected accounts will not be received.
Record transactions for each date. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
1) Provide services to customers on account for $38,000.
2) Receive $27,000 from customers on account.
3) Estimate that 25% of uncollected accounts will not be received.
4) Provide services to customers on account for $51,000.
5) Receive $6,000 from customers for services provided in 2021.
6) Write off the remaining amounts owed from services provided in 2021.
7) Receive $45,000 from customers for services provided in 2022.
8) Estimate that 25% of uncollected accounts will not be received.