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Problem $5-3$A $($Algo$)$ Record transactions related to accounts receivable $($LO$5-3,5-4,5-5)$

The following events occur for The Turner Corporation during $2024$ and $2025,$ its first two years of operations.

June $12,2024$ Provide services to customers on account for $$36,800.$

September $17,2024$ Receive $$21,500$ from customers on account.

December $31,2024$ Estimate that $45\%$ of accounts receivable at the end of the year will not be received.

March $4,2025$ Provide services to customers on account for $$51,800.$

May $20,2025$ Receive $$10,000$ from customers for services provided in $2024.$

July $2,2025$ Write off the remaining amounts owed from services provided in $2024.$

October $19,2025$ Receive $$41,500$ from customers for services provided in $2025.$

December $31,2025$ Estimate that $45\%$ of accounts receivable at the end of the year will not be received.

Required:

Record transactions for each date.

Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts.

Calculate net accounts receivable reported in the balance sheet at the end of $2024$ and $2025.4$

$20$

points

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline No & Date & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$General Journal$\}$ & Debit & Credit $\backslash \backslash$

$\backslash$hline $1$ & June $12,2024$ & Accounts Receivable & $(2)$ & $36,800$ & $\backslash \backslash$

$\backslash$hline & & Service Revenue & $($v$)$ & & $36,800\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $2$ & September $17,202$ & Cash & $(>)$ & $21,500$ & $\backslash \backslash$

$\backslash$hline & & Accounts Receivable & $($c$)$ & & $21,500\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $3$ & December $31,202$ & Bad Debt Expense & V & $6,885$ & $\backslash \backslash$

$\backslash$hline & & Allowance for Uncollectible Accounts & $(2)$ & & $6,885\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $4$ & March $04,2025$ & Accounts Receivable & $($ & $51,800$ & $\backslash \backslash$

$\backslash$hline & & Service Revenue & $($c$)$ & & $51,800\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $5$ & May $20,2025$ & Cash & $($ & $10,000$ & $\backslash \backslash$

$\backslash$hline & & Accounts Receivable & $(2)$ & & $10,000\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $6$ & July $02,2025$ & Allowance for Uncollectible Accounts & $($ & & $\backslash \backslash$

$\backslash$hline & & Accounts Receivable & $(2)$ & & $\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $7$ & October $19,2025$ & Cash & $($V$)$ & $41,500$ & $\backslash \backslash$

$\backslash$hline & & Accounts Receivable & $(2)$ & & $41,500\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $8$ & December $31,202$ & Bad Debt Expense & V & & $\backslash \backslash$

$\backslash$hline & & Allowance for Uncollectible Accounts & $($c$)$ & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$ Post transactions to the tollowing accounts: Casn, Accounts kecelvadle, ana Allowance ror Uncollectible Accounts. $\backslash$begin$\{$tabular$\}\{|$l$|$l$|$l$|\}$

$\backslash$hline & $2024$ & $2025\backslash \backslash$

$\backslash$hline Total accounts receivable & & $\backslash \backslash$

$\backslash$hline & & $\backslash \backslash$

$\backslash$hline & & $\backslash \backslash$

$\backslash$hline Net accounts receivable & & $\backslash \backslash$

$\backslash$hline $\backslash$hline

$\backslash$end$\{$tabular$\}$

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