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Required information [The following information applies to the questions displayed below.] The following events occur for...

Required information [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 $31,400. July 23, 2021 Receive $21,500 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 $44,400. 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 $39,500 from customers for services provided in 2022. December 31, 2022 Estimate that 20% of uncollected accounts will not be received. 3. Calculate net accounts receivable at the end of 2021 and 2022.

Homework Answers

Answer #1
2021 2022
Total Accounts Receivable $ 9,900
( $ 31,400 (-) $ 21,500)
$ 4,900
Less: Allowance for Doubtful Accounts ($ 1,980)
( $ 9,900 x 20% )
($ 980)
( $ 4,900 x 20% )
Net Accounts Receivable $ 7,920 $ 3,920
Particulars Amount (in $ )
Accounts receivable balance in 2021 $ 9,900
Add: Services Provided $ 44,400
Less: Collections for Services Provided ($ 6,000)
Less: Amounts Writen off
               ( $ 9,900 (-) $ 6,000)
($ 3,900)
Less: Collections for Services Provided ($ 39,500)
Accounts receivable balance in 2022 $ 4,900
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