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See JPS-2 for journal entries. P5-4 The following events occur for The Underwood Corporation...

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Accounting

See JPS-2 for journal entries.

P5-4 The following events occur for The Underwood Corporation during 2024 and 2025, its first two years of operations.

June 12, 2024

Provide services to customers on account for $41,000.

September 17, 2024

Receive $25.000 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 $56,000.

May 20, 2025

July 2, 2025

October 19, 2025

December 31, 2025

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

Write off the remaining amounts owed from services provided in 2024.

Receive $45,000 from customers for services provided in 2025.

Estimate that 45% of accounts receivable at the end of the year will not be received.

Required:

  1. Determine the financial statement effects for each date.
  2. Calculate net accounts receivable reported in the balance sheet at the end of 2024 and 2025.

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