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Perform the following accounting for the receivables of Cavanaugh and Johnson, an accounting firm, at December 31, 2020. Requirements Requirements 1 and 2. Prepare the T-accounts for accounts receivable and allowance for uncollectible accounts. (Leave any unused cells blank.) Accounts Receivable Allowance for Uncollectible Accounts Beg. bal Beg. bal E End, bal End bal. Requirement 3. Show two ways Cavanaugh and Johnson could report accounts receivable on its balance sheet at December 31, 2020. (Use parentheses or a minus sign to indicate numbers to be subtracted.) Now show an alternate method of reporting accounts receivable on the balance sheet at December 31, 2020 Requirements 1. Start with the beginning balances for these T-accounts: Accounts Receivable, $87,000 Allowance for Uncollectible Accounts, $8,000 Post the following 2020 transactions to the T-accounts: a. Service revenue of $864,000, all on account b. Collections on account, $796,000 c. Write-offs of uncollectible accounts, $6,000 d. Bad debt expense (allowance method). $7,000 2. What are the ending balances of Accounts Receivable and Allowance for Uncollectible Accounts? 3. Show two ways Cavanaugh and Johnson could report accounts receivable on its balance sheet at December 31, 2020 Print Done

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